Global MCQ Practice

🌐 Total MCQ
Home > Economics > Microeconomics > Costs > Opportunity Cost – Quiz 3
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Opportunity Cost Quiz 3 (25 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. Gurnee has 40 acres of unused land. They choose to build another mattress store. Which is NOT a logical Opportunity Cost of that choice?
2. How do we satisfy the greatest number of needs and wants?
3. You have to make a choice between playing outside or playing Xbox. You choose to go outside. Playing Xbox is your _____
4. 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
5. _____ are people who use natural resources, human resources, and capital resources to make goods or provide services.
6. 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?
7. During WWII, resources were shifted from the citizens to the war effort. This is called resource _____
8. 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.
9. Choosing to make cars instead of trucks results in
10. The opportunity cost of any action is _____
11. Coins or dollars that are used to buy a good or service is called _____
12. 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?
13. The ideals that are important to you and your career choice.
14. 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
15. Jim joined a gym, which well-being would this contribute to?
16. 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
17. Something we desire but that is not necessary for survival
18. Economic models are based on
19. 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?
20. Commercial companies are reclaiming marsh land to construct golf courses.What is the opportunity cost to society?
21. Which of the following would not shift the PPC outward
22. If you pay $ 5, 000 a year in tuition and give up $ 20, 000 year of income to attend college, then the yearly opportunity cost of college is _____
23. A government decides to spend more on defence and cannot spend money on a new airport. Which concepts can be applied to the above statement?
24. Which of these is NOT an example of something you need to stay alive?
25. Exchanging one good for another thought to be better
← PreviousNext →

Related Quizzes

🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books