This quiz works best with JavaScript enabled. Home > Microeconomics > Costs > Opportunity Cost – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Opportunity Cost Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Opportunity Cost is A) The alternatives you didn't choose. B) The second best alternative. C) The negative aspects of an action. D) The choice you made. Show Answer Correct Answer: B) The second best alternative. 2. The factors of production include ....., ..... and ..... A) Air, sea, land. B) Land, labor, investment. C) Labor, land, capital. D) Earth, wind, fire. Show Answer Correct Answer: C) Labor, land, capital. 3. Citizens had to limited their use of gasoline and sugar because of ..... A) Opportunity cost. B) Rationing. C) Reallocation. D) Alternative. Show Answer Correct Answer: B) Rationing. 4. When you make a choice, you won't get any other option. The 2nd-best thing you have to give up is called the ..... A) Opportunity Cost. B) Missed Opportunities. C) Misused Resources. D) Scarce Options. Show Answer Correct Answer: A) Opportunity Cost. 5. Generally, each successive unit of a good consumed will cause marginal utility to ..... A) Increase at an increasing rate. B) Increase at a decreasing rate. C) Decrease (or "diminish" ). D) Who knows? Life's a gamble!. Show Answer Correct Answer: C) Decrease (or "diminish" ). 6. When "wants are greater than the resources available to satisfy them, " it is called ..... A) Scarcity. B) Needs. C) Opportunity Cost. D) None of these answers. Show Answer Correct Answer: A) Scarcity. 7. A government spends $ 100 m on employing extra teachers instead of extra nurses.What will be the opportunity cost of this? A) $ 100 m. B) The cost of training extra teachers. C) The extra nurses. D) The reduction in unemployment among teachers. Show Answer Correct Answer: C) The extra nurses. 8. Tangible (can touch it) economic product that is useful. Used to satisfy wants and needs. A) Need. B) Want. C) Good. D) Service. Show Answer Correct Answer: C) Good. 9. Goods or services that you would like to have, but aren't needed for survival are called A) Needs. B) Wants. C) Resources. D) Capital. Show Answer Correct Answer: B) Wants. 10. Which of the following is the best definition of the word "marginal?" A) Additional. B) Abstract. C) Econometric. D) Complicated. Show Answer Correct Answer: A) Additional. 11. Kaylee decides to subscribe to Hulu instead of Netflix. Netflix is her: A) Production Possibility. B) Opportunity Cost. C) Barter. D) Choice. Show Answer Correct Answer: B) Opportunity Cost. 12. What is Sunk Cost? A) A person / group of people that share their income. B) An organization that produces goods / services for sale. C) The way total income is divided among owners of various factors of production. D) Cost that's already been incurred & can't be recovered. Show Answer Correct Answer: D) Cost that's already been incurred & can't be recovered. 13. The production possibilities curve (PPC) is a graph that shows the various combinations of output that an economy A) Should produce. B) Demands. C) Can produce. D) None of above. Show Answer Correct Answer: C) Can produce. 14. Which of the following best describes a WANT for school supplies? A) New pencils. B) New notebooks. C) New markers. D) None of above. Show Answer Correct Answer: C) New markers. 15. If a point lies on the curve this means the company is being efficient. If a point lies inside the curve, this tells the company what? A) They are being over efficient. B) They are not efficient. C) It is impossible. D) None of the above. Show Answer Correct Answer: B) They are not efficient. 16. Human wants are greater than the resources that are available to satisfy them." This implies the need for A) Working harder. B) Asking for less. C) Leaving decisions to fate. D) Making choices to allocate resources. Show Answer Correct Answer: D) Making choices to allocate resources. 17. What is not an assumption of the PPC A) The economy only produces 2 goods or services. B) The economy is using the latest methods. C) A certain percentage of resources will be wasted. D) An economy cannot work beyond the PPC. Show Answer Correct Answer: C) A certain percentage of resources will be wasted. 18. Economics is based on the A) Market and free trade concepts. B) Allocation of scarce resources. C) Study of the stock market. D) Transfer of money. Show Answer Correct Answer: B) Allocation of scarce resources. 19. Which concept is most fundamentally related to scarcity? A) Choice. B) External costs. C) Benefits. D) Learned behaviors. Show Answer Correct Answer: A) Choice. 20. Economics is the study of how people ..... A) Grow things in their garden to have food to eat. B) Make, use and trade things to make their lives easier. C) Decided between goods and services. D) How to make money. Show Answer Correct Answer: B) Make, use and trade things to make their lives easier. ← PreviousNext →Related QuizzesMicroeconomics QuizzesOpportunity Cost Quiz 1Opportunity Cost Quiz 2Opportunity Cost Quiz 3Opportunity Cost Quiz 4Opportunity Cost Quiz 5Opportunity Cost Quiz 6Opportunity Cost Quiz 7Opportunity Cost Quiz 8Opportunity Cost Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books