This quiz works best with JavaScript enabled. Home > Microeconomics > Costs > Opportunity Cost – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Opportunity Cost Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Coins or dollars that are used to buy a good or service is called ..... A) Demand. B) Choices. C) Money. D) Opportunity cost. Show Answer Correct Answer: C) Money. 2. JaCoya Pullen likes to fight Mr. Dunn, daily. Instead of fighting him today, she chose to remain calm and not hostile. What is her opportunity cost? A) Punching Mr. Dunn. B) Remaining peaceful. C) None of the above. D) None of above. Show Answer Correct Answer: A) Punching Mr. Dunn. 3. The ideals that are important to you and your career choice. A) Abilities. B) Aptitudes. C) Values. D) None of above. Show Answer Correct Answer: C) Values. 4. Steve decided to buy the brand new iPhone that just came out instead of putting money aside for a beach vacation in North Carolina this summer. His opportunity cost would be A) The iPhone. B) Beach Vacation. C) A new Samsung Galaxy. D) A remodeled house. Show Answer Correct Answer: B) Beach Vacation. 5. What is a want? A) A person. B) Something you would like to have but don't need to live. C) Purple. D) Something you need to live. Show Answer Correct Answer: B) Something you would like to have but don't need to live. 6. Jim joined a gym, which well-being would this contribute to? A) Financial. B) Physical. C) Intellectual. D) Emotional. Show Answer Correct Answer: B) Physical. 7. Something essential for survival A) Want. B) Need. C) Good. D) Service. Show Answer Correct Answer: B) Need. 8. For example, if you are given $ 20 and you choose to go to the movies and spend that $ 20. Your next choice would have been buy candy. Your Opportunity Cost would be A) Buy candy. B) Buy McDonalds. C) Save the money. D) None of above. Show Answer Correct Answer: A) Buy candy. 9. Something we desire but that is not necessary for survival A) Want. B) Need. C) Good. D) Service. Show Answer Correct Answer: A) Want. 10. What should be the most important factor considered when you make a decision? A) The Trade-offs. B) The Opportunity Cost. C) The lost opportunities. D) The opinions of others. Show Answer Correct Answer: B) The Opportunity Cost. 11. Economic models are based on A) Scarcity. B) Positive statements. C) Basic assumptions. D) Resources. Show Answer Correct Answer: C) Basic assumptions. 12. WHAT ARE THE 4 FACTORS OF PRODUCTION? A) Land, Capital, Need & Want. B) Land, Labor, Capital, Entrepreneurs. C) Water, Air, Food & Shelter. D) Land, Capital, Good & Service. Show Answer Correct Answer: B) Land, Labor, Capital, Entrepreneurs. 13. Margaret decides to stay home and study for her exam rather than going out to a movie with her friends. Which of the following best reflects her dilemma? A) The economic perspective. B) Marginal analysis. C) Opportunity cost. D) Allocative efficiency. Show Answer Correct Answer: C) Opportunity cost. 14. Commercial companies are reclaiming marsh land to construct golf courses.What is the opportunity cost to society? A) The expense of installing drainage. B) The natural environment that is lost. C) The profits of the companies. D) The value of the land cleared. Show Answer Correct Answer: B) The natural environment that is lost. 15. Which of the following would not shift the PPC outward A) Increase in technology. B) Improved methods. C) Increase in Population. D) Change in consumer preferences. Show Answer Correct Answer: D) Change in consumer preferences. 16. Opportunity Cost is best defined as A) The value of the next best alternative that is given up due to the choice you made. B) The price you pay to purchase something. C) The benefit you gain by making a decision. D) The amount of debt you take on by making a decision. Show Answer Correct Answer: A) The value of the next best alternative that is given up due to the choice you made. 17. If you pay $ 5, 000 a year in tuition and give up $ 20, 000 year of income to attend college, then the yearly opportunity cost of college is ..... A) At least $ 25, 000 of foregone income and tuition. B) $ 15, 000. C) $ 20, 000 of foregone income. D) $ 5, 000. Show Answer Correct Answer: B) $ 15, 000. 18. A government decides to spend more on defence and cannot spend money on a new airport. Which concepts can be applied to the above statement? A) A budget surplus; external cost. B) Factor of production; private monopoly. C) Public sector; opportunity cost. D) Trade surplus; budget deficit. Show Answer Correct Answer: C) Public sector; opportunity cost. 19. Which of these is NOT an example of something you need to stay alive? A) Water. B) Food. C) Cell phone. D) Shelter. Show Answer Correct Answer: C) Cell phone. 20. Exchanging one good for another thought to be better A) Normative economics. B) Trade off. C) Free markets. D) E. Law of unintended consequences. Show Answer Correct Answer: B) Trade off. ← PreviousNext →Related QuizzesMicroeconomics QuizzesOpportunity Cost Quiz 1Opportunity Cost Quiz 2Opportunity Cost Quiz 3Opportunity Cost Quiz 4Opportunity Cost Quiz 6Opportunity Cost Quiz 7Opportunity Cost Quiz 8Opportunity Cost Quiz 9Opportunity Cost Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books