This quiz works best with JavaScript enabled. Home > Microeconomics > Costs > Opportunity Cost – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Opportunity Cost Quiz 3 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Elena had a free period instead of hanging out and talking with her friends she decided to finish her homework from the night before. What is the opportunity cost? A) Hanging with friends. B) Elena. C) Finishing homework. D) Sleeping. Show Answer Correct Answer: A) Hanging with friends. 2. A famous saying is, "There's no such think as a free lunch." What does this statement mean? A) Everything has a cost. B) Never accept a free lunch. C) None of these options. D) You should always pay for lunch. Show Answer Correct Answer: A) Everything has a cost. 3. ..... are things that people make or use to satisfy their needs and wants. A) Goods. B) Producers. C) Consumers. D) Services. Show Answer Correct Answer: A) Goods. 4. There are ..... in the world which means there are only so many video games, bikes and so on at one moment. A) Producers. B) Consumers. C) Limited resources. D) None of above. Show Answer Correct Answer: C) Limited resources. 5. The Candy Cane Company focuses on making only one product. This is called- A) Trade. B) Independence. C) Region production. D) Specialization. Show Answer Correct Answer: D) Specialization. 6. In economics a decision is free if: A) There is no money involved. B) There are no products involved. C) There is no exchange with another person. D) A decision is never free. There is usually an alternative which results in an opportunity cost. Not free. Show Answer Correct Answer: D) A decision is never free. There is usually an alternative which results in an opportunity cost. Not free. 7. The CHOICE of or decision among alternatives or possibilities is called- A) Opportunity cost. B) Producer. C) Economic choice. D) Consumer. Show Answer Correct Answer: C) Economic choice. 8. What is a Firm? 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: B) An organization that produces goods / services for sale. 9. What is a need? A) Nothing. B) Something you have to have to live. C) Something you would like to have. D) Ice cream. Show Answer Correct Answer: B) Something you have to have to live. 10. The study of how people try to satisfy what appears to be seemingly unlimited and competing wants using scarce resources. A) Economics. B) Services. C) Producers. D) Goods. Show Answer Correct Answer: A) Economics. 11. Which of the following factors would cause a shift inward of the PPC A) A World War. B) Increase in the Population. C) Improved Methods. D) Unemployment. Show Answer Correct Answer: A) A World War. 12. Because of scarcity, people are forced to make ..... about how to use resources. A) Choices. B) Opportunities. C) Houses. D) Desires. Show Answer Correct Answer: A) Choices. 13. When a resource becomes scarce, what do you think happens to its cost? A) The cost increases. B) The cost stays the same. C) The cost goes down. D) The cost doubles. Show Answer Correct Answer: A) The cost increases. 14. You can purchase one of the three:candy bar, soda, or magazine. You rank your choices as 1. candy bar, 2. magazine, 3. soda. What is your opportunity cost for buying the candy bar? A) Soda. B) Your cash. C) Magazine and soda. D) Magazine. Show Answer Correct Answer: D) Magazine. 15. ..... alternatives that must be given up when one is chosen rather than another A) Opportunity cost. B) Trade-off. C) Need. D) Want. Show Answer Correct Answer: B) Trade-off. 16. Which is the best definition for opportunity cost? A) Giving up one item for another. B) Buying and using two items. C) Using butter and margarine. D) Having multiple items at the same time. Show Answer Correct Answer: A) Giving up one item for another. 17. What is scarce in the following scenario:You have to go to work but if you work a lot of hours you are going to be very tired A) Work. B) Money. C) Tiredness. D) Time. Show Answer Correct Answer: D) Time. 18. What is a non-monetary (not spending/dealing with money) opportunity cost of attending college? A) Money spent on tuition. B) Less time to spend with friends. C) Getting a job. D) Saving for a car. Show Answer Correct Answer: B) Less time to spend with friends. 19. Which of these terms is the BEST synonym for the word "entrepreneur" ? A) "business owner". B) "home owner". C) "employee". D) "student". Show Answer Correct Answer: A) "business owner". 20. Apple can make 1, 000 iPhones or 600 iPads in their factory each day. What is the opportunity cost of making each iPhone? A) 3/5 iPad. B) 3/5 iPhone. C) 5/3 iPads. D) 5/3 iPhones. Show Answer Correct Answer: A) 3/5 iPad. ← PreviousNext →Related QuizzesMicroeconomics QuizzesOpportunity Cost Quiz 1Opportunity Cost Quiz 2Opportunity Cost Quiz 4Opportunity Cost Quiz 5Opportunity Cost Quiz 6Opportunity Cost Quiz 7Opportunity Cost Quiz 8Opportunity Cost Quiz 9Opportunity Cost Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books