Opportunity Cost Quiz 12 (8 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Scarcity requires that individuals must .....

Correct Answer: B) Make choices among limited resources.

2. Basic requirement for survival

Correct Answer: A) Need.

3. The number one thing that is given up in order to do something else is referred to as the .....

Correct Answer: C) Opportunity cost.

4. All the things we sacrifice to obtain another?

Correct Answer: A) Trade-Offs.

5. WHAT IS LABOR?

Correct Answer: A) Work people do for pay to produce good and services.

6. William wanted to go to the beach and did not want to pay his rent, the following would be an example of

Correct Answer: D) Want.

7. Roberto went to the store to buy soda and chips. He decided to buy only chips. What was the opportunity cost?

Correct Answer: B) Soda.

8. Things that you use for your survival are called

Correct Answer: A) Needs.