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Opportunity Cost Quiz 2 (25 MCQs)

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1. All of the following are ways to pay someone EXCEPT-

2. A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is

3. A natural disaster (flood, drought, tsunami) would cause what change in the PPC

4. Which of the following best refers to the additional cost a person or firm incur to produce one more unit?

5. The value of the next best alternative given up is called

6. Besides scarcity, economics is based on

7. Elena had a free period instead of hanging out and talking with her friends she decided to finish her homework from the night before. What is the opportunity cost?

8. A famous saying is, "There's no such think as a free lunch." What does this statement mean?

9. _____ are things that people make or use to satisfy their needs and wants.

10. There are _____ in the world which means there are only so many video games, bikes and so on at one moment.

11. The Candy Cane Company focuses on making only one product. This is called-

12. In economics a decision is free if:

13. The CHOICE of or decision among alternatives or possibilities is called-

14. The study of how people try to satisfy what appears to be seemingly unlimited and competing wants using scarce resources.

15. Which of the following factors would cause a shift inward of the PPC

16. When a resource becomes scarce, what do you think happens to its cost?

17. You can purchase one of the three:candy bar, soda, or magazine. You rank your choices as 1. candy bar, 2. magazine, 3. soda. What is your opportunity cost for buying the candy bar?

18. _____ alternatives that must be given up when one is chosen rather than another

19. What is scarce in the following scenario:You have to go to work but if you work a lot of hours you are going to be very tired

20. What is a non-monetary (not spending/dealing with money) opportunity cost of attending college?

21. Apple can make 1, 000 iPhones or 600 iPads in their factory each day. What is the opportunity cost of making each iPhone?

22. The opportunity cost is the value of the _____ that had to be given up f the alternative that was chosen.

23. Which statement describes the typical relationship between a country's investment in human capital and its GDP?

24. _____ cost of the next best alternative use of money, time, or resources when one choice is made rather than another

25. Every business decision results in _____ and _____

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Opportunity Cost Quiz 2 (25 MCQs)

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