Economics Basics

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1. Which economics term means the next-best alternative given up?

   • opportunity cost
   • demand
   • supply
   • gross domestic product

2. Choose the best answer: which economics term means the amount consumers are willing and able to buy?

   • supply
   • demand
   • gross domestic product
   • deflation

3. Which option correctly answers this: which economics term means the amount producers are willing and able to sell?

   • gross domestic product
   • deflation
   • supply
   • marginal benefit

4. Test the association in this item: Which economics term means total output produced within a country?

   • deflation
   • marginal benefit
   • monopoly
   • gross domestic product

5. Identify the correct match. Which economics term means a sustained fall in the general price level?

   • deflation
   • marginal benefit
   • monopoly
   • price elasticity of demand

6. From the choices given, which economics term means additional benefit from one more unit?

   • monopoly
   • marginal benefit
   • price elasticity of demand
   • productivity

7. Which choice completes this fact accurately? Which economics term means a market with one seller?

   • price elasticity of demand
   • productivity
   • monopoly
   • sunk cost

8. Consider the historical or technical context. Which economics term means sensitivity of quantity demanded to a price change?

   • productivity
   • sunk cost
   • opportunity cost
   • price elasticity of demand

9. Pick the factually correct response: which economics term means output per unit of input?

   • productivity
   • sunk cost
   • opportunity cost
   • demand

10. For this final item, which economics term means a cost already incurred and unrecoverable?

    • opportunity cost
    • sunk cost
    • demand
    • supply