AnswersFL-2106010-MJ Civics B-CROpportunity Cost

Opportunity Cost Answers

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1
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After much research and planning about what to do with a plot of land in the town of Hillview, city officials decide to construct a community garden. The project is a big success, but some community groups have concerns.

A
There are no programs set up in the garden for local children.
B
The community garden is not yet fully accessible to everyone.
C
The city has not chosen a name for the community garden.
D
The garden uses land that could support affordable housing.
2
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Local government officials are reviewing the explicit costs for two proposed projects for the town’s main square. The proposed small stage for community events will cost $250,000 to build, while the proposed open-air art gallery will cost $300,000. These costs, however, are estimates. This means that

A
the officials made up the amounts without doing any research.
B
the community members may challenge the amounts for accuracy.
C
the projects might end up costing more or less than those amounts.
D
the officials can depend on the projects costing exactly those amounts.
3

When people make an economic choice, they

A
figure out what they need to do to pay their bills on time.
B
think about where they can borrow money that they need.
C
decide how to use their resources to fulfill a want or need.
D
determine how much money they need to earn at their job.
4

During her campaign for the US Senate, Candidate A complains that the enormous federal transportation budget takes money directly out of public school classrooms, which, consequentially, negatively affects the lives of children in the country.

A
There is still enough money available to provide the country’s children with an education.
B
There is not enough money to provide adequate funding for schools to educate children.
C
Public school teachers are in a better position to educate children than teachers in other countries.
D
Public school teachers can use limited funds in creative ways to educate children in the country.
5

When someone is making an economic decision, what is meant by the "long-term costs” of that decision?

A
what the person has to pay financially for what they want to have now
B
what the person regrets about their decision to purchase something now
C
what the person is giving up in the future to have what they want to have now
D
what the person must earn in the future to pay for what they want to have now
6

Government officials make economic decisions that affect transportation features including city streets, roads, bridges, train lines, and airports. These officials make choices that

A
impact everyone in the community equally.
B
must be voted on and approved by the public.
C
affect where things are built and whom they benefit.
D
have very little impact on the lives of everyday people.
7

Which term refers to government officials gathering detailed information on the advantages and disadvantages of a public policy decision?

A
budget review
B
project planning
C
opportunity costs
D
cost-benefit analysis
8

Review the decision tree showing Catalina’s choices.

Question illustration
A
She will have more time with her friends.
B
She will not be able to raise her grade point average.
C
She will not be able to volunteer at the animal shelter.
D
She will be able to do more interesting math.
9

City officials have surveyed members of the community about ways to honor a local activist who helped to create a city park 100 years ago. The majority of community members would like to construct a statue or plant a small garden. The next step is for city officials to examine what the community would be giving up now by choosing one of these options.

A
examining how attractive the designs are for each project.
B
asking members of the community which project they prefer.
C
looking at the explicit costs for each of the proposed projects.
D
talking to local reporters about writing stories about the project.
10

Willie got tickets to the premiere of a big action movie on Wednesday night and invited his friend Andre to go with him. Andre thought that it would be a lot of fun but he had a big project due at school on Thursday morning and needed to work on it. However, after some thought, Andre decided to accept Willie’s offer because he wanted to see the stars of the action movie at the premiere.

A
He does not enjoy the movie.
B
He receives a poor grade on his school project.
C
He does not meet the film stars.
D
He has extra time to work on his school project.
11

When government officials have to decide about a public policy, what should be the first question they ask?

A
How much does the public value this policy?
B
What does the public give up now to have this policy?
C
How much do I value this public policy?
D
What must the public give up in the future to have this policy?
12

Imagine the US government chooses to spend more money on transportation than on all other areas combined.

A
The United States government would construct a first-rate national public transportation system.
B
The United States government would have less money in the budget for health care and education.
C
The United States government would spend more money on education and health care.
D
The United States government would have to postpone some public transportation projects..
13

Government officials in a medium-sized city want to extend one of the city’s public transportation lines to the city’s international airport. Without a way to get to the busy airport by public transit, traffic around the airport has become unbearable for the people using this major transportation hub. While the price tag is high for this extension and it will require up to two years of heavy construction, the officials did a cost-benefit analysis and believe the extension is the correct choice.

A
More tourists will visit the city when it’s easier to get to the airport.
B
People will be able to access the airport more easily.
C
Funding will be reduced for other projects like road maintenance.
D
The traffic around the airport will continue to be a major problem.
14

What are the implicit costs associated with economic decisions?

A
the amount of money that was spent due to the decision
B
the cost of hiring all personnel to complete the proposed project
C
the choices and options that were lost due to the decision
D
the proposed budget for the decision rather than the actual amount spent
15

The local government in Fairview wants to do something with a corner lot that has been empty for a long time. Option 1 is to build a small park with a playground. Option 2 is to develop a community garden.

A
seek input from community members on what they would most value
B
consult with the mayor and other city officials to see what they recommend
C
determine the budget for both projects and choose the cheaper option
D
talk to officials in other towns who had to make a similar decision about an empty lot
16

Jade has an after-school job at the diner to earn money for college the following year. Her boss, Ms. Alvarez, offers her a shift on the weekend. The extra money would really help, but Jade usually spends the weekend with her family and friends. To help make her decision, Jade first asks herself how much she needs the extra money she would make by taking another shift.

A
“How much will this money help me next year in college?”
B
“What are some other ways I can earn extra money for college?”
C
“What am I giving up right now to earn this extra money?”
D
“Does a coworker need the extra money more than me?”

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