This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Costs > Opportunity Cost – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Opportunity Cost Quiz 8 (13 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A farmer decides to grow potatoes instead of wheat. What is the opportunity cost of growing the potatoes? A) The time spent preparing the potato field. B) The price of seed potatoes. C) The profit from growing potatoes. D) The output of wheat. Show Answer Correct Answer: D) The output of wheat. 2. Financial well-being means ..... A) Not caring what other people buy you. B) Being unhappy with the amount of money you have. C) Not caring about what you buy. D) Being happy with the amount of money you have. Show Answer Correct Answer: D) Being happy with the amount of money you have. 3. Why does almost every economic choice made have an opportunity cost? A) In most cases, there is an alternative option. B) In most cases, there is no alternative option. C) People have infinite wants. D) Resources are not allocated efficiently. Show Answer Correct Answer: A) In most cases, there is an alternative option. 4. Which of the following is an example of opportunity cost applied to consumers? A) The cost of an item bought regularly. B) The cost of a present to buy for a friend. C) The decision to buy a book instead of a toy. D) The ability to buy more when prices are lower. Show Answer Correct Answer: C) The decision to buy a book instead of a toy. 5. Which of the following is an opportunity cost of using farmland for grazing animals? A) The cost of animal feed. B) The price animals can be sold for. C) The use of the land to grow crops. D) The cost of preparing the land for grazing. Show Answer Correct Answer: C) The use of the land to grow crops. 6. I have a class of 25 students that need to type a paper, but I only have 15 chromebooks available for them to use. This is an example of: A) Incentives matter. B) Thinking at the margin. C) Markets coordinate trade. D) Oppourtunity cost. Show Answer Correct Answer: D) Oppourtunity cost. 7. Scarcity requires that individuals must ..... A) Cooperate to allocate resources. B) Make choices among limited resources. C) Compete for unlimited resources. D) Innovate to satisfy unlimited wants. Show Answer Correct Answer: B) Make choices among limited resources. 8. Basic requirement for survival A) Want. B) Good. C) Need. D) Service. Show Answer Correct Answer: C) Need. 9. The number one thing that is given up in order to do something else is referred to as the ..... A) Law of scarcity. B) Equilibrium price. C) Law of supply. D) Opportunity cost. Show Answer Correct Answer: D) Opportunity cost. 10. All the things we sacrifice to obtain another? A) Factors of Production. B) Opportunity Cost. C) Scarcity. D) Trade-Offs. Show Answer Correct Answer: D) Trade-Offs. 11. William wanted to go to the beach and did not want to pay his rent, the following would be an example of A) Opportunity cost. B) Need. C) Trade-off. D) Want. Show Answer Correct Answer: D) Want. 12. Roberto went to the store to buy soda and chips. He decided to buy only chips. What was the opportunity cost? A) Soda. B) Chips. C) Picnic. D) Money. Show Answer Correct Answer: A) Soda. 13. Things that you use for your survival are called A) Factors of production. B) Resources. C) Wants. D) Needs. Show Answer Correct Answer: D) Needs. ← PreviousRelated QuizzesMicroeconomics QuizzesEconomics QuizzesOpportunity Cost Quiz 1Opportunity Cost Quiz 2Opportunity Cost Quiz 3Opportunity Cost Quiz 4Opportunity Cost Quiz 5Opportunity Cost Quiz 6Opportunity Cost Quiz 7 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books