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Opportunity Cost Quiz 4 (25 MCQs)

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1. When you make a choice, all the options that you have are called _____

2. In economics, when discussing the factors of production, the term land refers to

3. The opportunity cost of a good is

4. The effect of a decision is

5. A government is faced with the choice of raising taxation or cutting public spending.Of what is this an example?

6. How much of something that is available is _____

7. What could be the opportunity cost of a nuclear power station?

8. When there is not enough to go around, that is called _____

9. A person makes sandwiches at home for five hours each day. She makes 20 sandwiches per hour, and she sells each sandwich for $ 2 each.What is the opportunity cost if she takes a holiday on a working day?

10. In recent years more golf courses, which use large quantities of water, have opened in China. What is the opportunity cost of this?

11. Find the new value when $ 20 is increased by 10%

12. Macroeconomics is involved with the

13. This Economics term refers to the things you use to create goods and services.

14. Julia had $ 5 to spend. She wanted a toy and video game, but she only had enough money to buy one. She decided to buy the video game and put the toy back. What was her opportunity cost?

15. Who determines your opportunity cost?

16. Which is not one of the 3 factors causing a shift along the PCC

17. Making important choices is

18. Why did World War II require such a large amount of resources?

19. When society does not have enough resources to produce all the things people would like to have.

20. What is a Household?

21. Which is an example of resource reallocation in World War II?

22. An opportunity cost can be known as a

23. The basic economic problem of all economies is essentially one of deciding how to make the best use of _____

24. Which of the following do economists NOT consider to be one of the factors of production?

25. Something we would like to have but is not necessary for survival.

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Opportunity Cost Quiz 4 (25 MCQs)

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