This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Costs > Opportunity Cost – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Opportunity Cost Quiz 3 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... cost of the next best alternative use of money, time, or resources when one choice is made rather than another A) Opportunity cost. B) Trade-off. C) Want. D) Need. Show Answer Correct Answer: A) Opportunity cost. 2. Every business decision results in ..... and ..... A) Trade offs; opportunity. B) Trade offs; resources. C) Supply; demand. D) Scarcity; opportunity. Show Answer Correct Answer: A) Trade offs; opportunity. 3. Gurnee has 40 acres of unused land. They choose to build another mattress store. Which is NOT a logical Opportunity Cost of that choice? A) Using the land for farming. B) Building another McDonald's. C) Putting in new park. D) Giving WTHS students fancier Chromebooks. Show Answer Correct Answer: D) Giving WTHS students fancier Chromebooks. 4. How do we satisfy the greatest number of needs and wants? A) Specialization. B) Productivity. C) Allocation. D) Opportunity Cost. Show Answer Correct Answer: C) Allocation. 5. You have to make a choice between playing outside or playing Xbox. You choose to go outside. Playing Xbox is your ..... A) Economic choice. B) Happy place. C) Opportunity cost. D) Fun. Show Answer Correct Answer: C) Opportunity cost. 6. Tim wanted to go to the movies, beach, and water park. He chose the movies and would have picked the beach second, following would be an example of A) Trade-off. B) Need. C) Opportunity cost. D) Want. Show Answer Correct Answer: C) Opportunity cost. 7. The U.S. can produce 50 cars and 25 tools. Peru can produce 20 cars and 15 tools. Who has the absolute advantage in tools? A) Neither. B) U.S. C) Peru. D) Not enough info. Show Answer Correct Answer: B) U.S. 8. The using up of a resource A) Consumption. B) Scarcity. C) Services. D) Supply. Show Answer Correct Answer: A) Consumption. 9. The skills of people who are willing to invest time and money to run a buainess A) Labor. B) Land. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 10. ..... are people who use natural resources, human resources, and capital resources to make goods or provide services. A) Producers. B) Wants. C) Resources. D) Services. Show Answer Correct Answer: A) Producers. 11. Czareah Lattimer likes to be on television even though she needs some acting lessons. Being smart, she decided to get an acting coach. What is her opportunity cost? A) Having time to do other stuff. B) Working with the acting coach. C) None of the above. D) None of above. Show Answer Correct Answer: A) Having time to do other stuff. 12. ..... is the cost associated with giving up one thing for another. A) Opportunity cost. B) Rationing. C) Reallocation. D) Alternative. Show Answer Correct Answer: A) Opportunity cost. 13. ..... IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES. A) Entrepreneurs. B) Capital. C) Labor. D) Land. Show Answer Correct Answer: B) Capital. 14. During WWII, resources were shifted from the citizens to the war effort. This is called resource ..... A) Opportunity cost. B) Rationing. C) Reallocation. D) Alternative. Show Answer Correct Answer: C) Reallocation. 15. Trade-offs create this. It is the thing that you DO NOT chose. It is what you have to give up in order to get something else. It is your 2nd BEST ALTERNATIVE. A) Trade-offs. B) Production Possibilities Curve. C) Scarcity. D) Opportunity Cost. Show Answer Correct Answer: D) Opportunity Cost. 16. Choosing to make cars instead of trucks results in A) Opportunity cost. B) Increased wealth. C) Expanding the production possibilities curve. D) Busy roads. Show Answer Correct Answer: A) Opportunity cost. 17. The opportunity cost of any action is ..... A) The time required but not the monetary cost. B) The highest-valued alternative forgone. C) All the possible alternatives forgone. D) The monetary cost but not the time required. Show Answer Correct Answer: B) The highest-valued alternative forgone. 18. Coins or dollars that are used to buy a good or service is called ..... A) Demand. B) Choices. C) Money. D) Opportunity cost. Show Answer Correct Answer: C) Money. 19. JaCoya Pullen likes to fight Mr. Dunn, daily. Instead of fighting him today, she chose to remain calm and not hostile. What is her opportunity cost? A) Punching Mr. Dunn. B) Remaining peaceful. C) None of the above. D) None of above. Show Answer Correct Answer: A) Punching Mr. Dunn. 20. The ideals that are important to you and your career choice. A) Abilities. B) Aptitudes. C) Values. D) None of above. Show Answer Correct Answer: C) Values. 21. Steve decided to buy the brand new iPhone that just came out instead of putting money aside for a beach vacation in North Carolina this summer. His opportunity cost would be A) The iPhone. B) Beach Vacation. C) A remodeled house. D) A new Samsung Galaxy. Show Answer Correct Answer: B) Beach Vacation. 22. Jim joined a gym, which well-being would this contribute to? A) Intellectual. B) Physical. C) Emotional. D) Financial. Show Answer Correct Answer: B) Physical. 23. Something essential for survival A) Good. B) Want. C) Need. D) Service. Show Answer Correct Answer: C) Need. 24. For example, if you are given $ 20 and you choose to go to the movies and spend that $ 20. Your next choice would have been buy candy. Your Opportunity Cost would be A) Buy candy. B) Buy McDonalds. C) Save the money. D) None of above. Show Answer Correct Answer: A) Buy candy. 25. Something we desire but that is not necessary for survival A) Good. B) Want. C) Need. D) Service. Show Answer Correct Answer: B) Want. 26. What should be the most important factor considered when you make a decision? A) The Trade-offs. B) The lost opportunities. C) The opinions of others. D) The Opportunity Cost. Show Answer Correct Answer: D) The Opportunity Cost. 27. Economic models are based on A) Resources. B) Basic assumptions. C) Scarcity. D) Positive statements. Show Answer Correct Answer: B) Basic assumptions. 28. WHAT ARE THE 4 FACTORS OF PRODUCTION? A) Land, Capital, Need & Want. B) Land, Labor, Capital, Entrepreneurs. C) Water, Air, Food & Shelter. D) Land, Capital, Good & Service. Show Answer Correct Answer: B) Land, Labor, Capital, Entrepreneurs. 29. Margaret decides to stay home and study for her exam rather than going out to a movie with her friends. Which of the following best reflects her dilemma? A) The economic perspective. B) Marginal analysis. C) Opportunity cost. D) Allocative efficiency. Show Answer Correct Answer: C) Opportunity cost. 30. Commercial companies are reclaiming marsh land to construct golf courses.What is the opportunity cost to society? A) The expense of installing drainage. B) The natural environment that is lost. C) The profits of the companies. D) The value of the land cleared. Show Answer Correct Answer: B) The natural environment that is lost. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesOpportunity Cost Quiz 1Opportunity Cost Quiz 2Opportunity Cost Quiz 4Opportunity Cost Quiz 5Opportunity Cost Quiz 6Opportunity Cost Quiz 7Opportunity Cost Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books