1) Q1. What is the best definition of opportunity cost? a) The total cost of producing a good or service b) The amount of money spent on a choice c) The value of the next best alternative foregone d) The difference between revenue and profit 2) Q2. If an economy is producing at a point inside the PPC, this indicates: a) Resources are fully and efficiently used b) Economic growth has occurred c) There is unemployment or inefficiency d) The economy is producing the maximum output 3) Q3. Which of the following best describes comparative advantage? a) Producing more of a good than another country b) Producing a good at the lowest opportunity cost c) Importing more goods than exporting d) Having the lowest absolute cost 4) In a command economy, economic decisions are primarily made by: a) Government planners b) Stockholders c) Private individuals d) Market forces 5) Q5. According to the law of demand, when the price of a good increases, the quantity demanded: a) Doubles b) Stays the same c) Increases d) Decreases

Unit 1: Basic Economic Concepts

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