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Opportunity Cost Quiz 1 (25 MCQs)

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1. The highest-valued, next-best alternative that must be sacrificed to obtain something or to satisfy a want

2. The factors of production is / are _____ needed to produce goods and services.

3. _____ happened during WWII when American citizens were only allowed to have certain amounts of specified goods.

4. Opportunity cost can also be called the _____ of your decision.

5. The factors of production include all of the following EXCEPT:

6. These resources were limited during WWII because of _____

7. When you spend $ 100 on a new pair of shoes, what are some possible trade-offs?

8. What types of goods were rationed during World War II?

9. There are 18 students that want to use blue poster board for their project, but there are only 6 pieces of blue poster board available. We could state that there is a _____ for blue poster board.

10. What is the most basic problem of economics?

11. You pick (1) Candy, (2) Magazine, (3) Soda. What is the opportunity cost for buying the candy?

12. Which of the following reasons best describe why you NEED a new book?

13. Opportunity cost is your _____

14. The good or service that you give up when you make an economic choice is called _____

15. Which one of these is NOT a cause of scarcity?

16. A Latin phrase that means "all other things held constant."

17. Americans gave up resources in hopes for the freedom the war would provide. This is considered an _____

18. The U.S. can produce 50 cars and 25 tools. Peru can produce 20 cars and 15 tools. What is the opportunity cost of producing a car in the U.S.?

19. For example, if you are given $ 10 and you choose to go to the Burger King and spend that $ 10 and gave up the opportunity to go to KFC. Your next choice would have been buy candy. Your Trade-off would be

20. Why must a government consider the opportunity cost of spending decisions

21. Which type of cost occurs when an individual pays for a piano lesson instead of going to a movie? SSEF1d DOK

22. The economic problem is that

23. The study of how people try make choices to satisfy seemingly unlimited and competing needs and wants.

24. The fact that it smells like dog food near the Purina Factory can be considered

25. Which one of these items is a need and why?

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Opportunity Cost Quiz 1 (25 MCQs)

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