This quiz works best with JavaScript enabled. Home > Microeconomics > Costs > Opportunity Cost – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Opportunity Cost Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Define opportunity cost: A) When resources are limited, but wants are unlimited. B) Cost of one additional unit. C) The benefits that given up when you choose one thing over the next best alternative. D) The cost added by producing one additional unit of a product or service. Show Answer Correct Answer: C) The benefits that given up when you choose one thing over the next best alternative. 2. Which one of the following is an opportunity cost? A) You stay out late and your parents ground you. B) You run a red light and you get a ticket. C) You choose to give up math to study for history. D) In a softball game, you miss the ball and strike out. Show Answer Correct Answer: C) You choose to give up math to study for history. 3. Maggie decided to go to a concert in the park instead of studying the night before her CAHSEE. What is the opportunity cost? A) Maggie. B) Concert. C) Studying. D) Park. Show Answer Correct Answer: C) Studying. 4. What is the definition of opportunity cost? A) The next best alternative you give up. B) All of the choices you could have made but you didn't. C) The chance that you will lose your money. D) The money you spend to buy something. Show Answer Correct Answer: A) The next best alternative you give up. 5. "Opportunity cost" is related to the basic economic concept known as ..... A) Demand. B) Price. C) Scarcity. D) Supply. Show Answer Correct Answer: C) Scarcity. 6. You go to Target and pick 2 shirts. You only have enough money for 1 of them. One of them is on sale and the other is full price. You pick the one on sale. What is your choice? A) The money. B) The full price shirt. C) The on sale shirt. D) Target. Show Answer Correct Answer: C) The on sale shirt. 7. Emily went to the mall with enough money to buy Taylor Swift's new album or a dress. When she arrives at the store there is only one copy of the CD left. She buys the CD and leaves the mall. What is the opportunity cost? A) Taylor Swift. B) Taylor Swift's CD. C) Dress. D) Mall. Show Answer Correct Answer: C) Dress. 8. An economy that is producing the maximum amount of goods and services is considered A) Efficient. B) Underutilized. C) Growing. D) Trading off. Show Answer Correct Answer: A) Efficient. 9. Alicia goes to the cafeteria to buy a chicken patty. She was late leaving class and the line for the burritos is out the door. Alicia instead decides to eat a sandwich whose line was not as long. What is the opportunity cost? A) Chicken patty. B) Burrito. C) Sandwich. D) The lunch lines. Show Answer Correct Answer: B) Burrito. 10. Mr. Dunn usually does not give out prizes for lessons. He thought about it some and considered doing it, but he still did not. What is his opportunity cost? A) Giving students candy. B) Keeping students hungry. C) None of the above. D) None of above. Show Answer Correct Answer: A) Giving students candy. 11. A girl can't buy both a party dress and a new pair of shoes. She decides to buy just the dress. What are the shoes? A) Interdependence. B) Specialization. C) Opportunity cost. D) Barter. Show Answer Correct Answer: C) Opportunity cost. 12. The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. A) Trade-off. B) Opportunity cost. C) PPF. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 13. If an economy is producing at a point inside its production possibility curve, then A) Consumption is greater than production. B) Productive resources are not used to their full potential. C) Production of capital goods is inadequate. D) It cannot benefit by specialisation and trade. Show Answer Correct Answer: B) Productive resources are not used to their full potential. 14. Which one of these items is a want and why? A) Hand soap:you want clean hands. B) Carrots:you want nutrients in your diet. C) Cake:you want a dessert every now and then. D) Apartment:you want a place to live. Show Answer Correct Answer: C) Cake:you want a dessert every now and then. 15. A farmer decides to grow potatoes instead of wheat. What is the opportunity cost of growing the potatoes? A) The output of wheat. B) The price of seed potatoes. C) The profit from growing potatoes. D) The time spent preparing the potato field. Show Answer Correct Answer: A) The output of wheat. 16. Financial well-being means ..... A) Being unhappy with the amount of money you have. B) Being happy with the amount of money you have. C) Not caring about what you buy. D) Not caring what other people buy you. Show Answer Correct Answer: B) Being happy with the amount of money you have. 17. 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. 18. Which of the following is an example of opportunity cost applied to consumers? A) The cost of an item bought regularly. B) The ability to buy more when prices are lower. C) The decision to buy a book instead of a toy. D) The cost of a present to buy for a friend. Show Answer Correct Answer: C) The decision to buy a book instead of a toy. 19. 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. 20. 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) Thinking at the margin. B) Oppourtunity cost. C) Markets coordinate trade. D) Incentives matter. Show Answer Correct Answer: B) Oppourtunity cost. ← 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