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Opportunity Cost Quiz 6 (25 MCQs)

Quiz Instructions:

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1. To control the amount of something that people are allowed to have, especially when there is not enough is known as _____
2. Limited Resources + Unlimited Wants =
3. Improved Methods is also known as
4. A decision always involves
5. Elizabeth has a $ 25 budget to spend at the store. Which items should she buy first before she buys anything else?
6. What, according to the definition of opportunity cost, is sacrificed when a decision is taken?
7. A _____ is a good thing that occurs as a result of something else.
8. Construction companies are building new houses on land previously used for farming.What is the opportunity cost to society of this activity?
9. To trade goods or services is called _____ ?
10. A famous economics saying is, "There is no such thing as a free lunch" . What does this statement mean?
11. Yann bought a new bicycle for $ 350 but has never used it. The second hand value of the bicycle is $ 250. What is the opportunity cost to Yann of keeping the bicycle?
12. A firm decides to stop manufacturing ovens and to produce washing machines instead.What is the opportunity cost to the firm?
13. Find 25% of 80 kg
14. Which of the following would NOT be an example of an opportunity cost for spending the day at a baseball game?
15. A _____ is something you would like to have, but it is not required to live.
16. When you make a choice, you often have to give up other options _____ those options are called
17. What name is given to the most important item you give up when you make a decision?
18. It's recommended that you spend your money on _____ last.
19. In economics, natural sunlight is classified as a free good. What is the reason for this?
20. David wanted to go to the movie, but he chose to pay his water bill instead, the following would be an example of
21. You win a football match ticket that worth $ 100, but need to pay 25% tax. What is the opportunity cost if you choose to stay home and watching a TV show that you need to pay $ 20 rather than going to the football match?
22. The factors of production include _____, _____ and _____
23. Citizens had to limited their use of gasoline and sugar because of _____
24. When you make a choice, you won't get any other option. The 2nd-best thing you have to give up is called the _____
25. A government spends $ 100 m on employing extra teachers instead of extra nurses.What will be the opportunity cost of this?
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