This quiz works best with JavaScript enabled. Home > Microeconomics > Costs > Opportunity Cost – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Opportunity Cost Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which is not one of the 3 factors causing a shift along the PCC A) Consumer Driven Change. B) Producer Driven Change. C) Government Driven Change. D) Resource Driven Change. Show Answer Correct Answer: D) Resource Driven Change. 2. Making important choices is A) Consequences. B) Choice. C) Decision making. D) None of above. Show Answer Correct Answer: C) Decision making. 3. Why did World War II require such a large amount of resources? A) The war was fought in both the Pacific and Europe. B) The weather was nice in both areas. C) Drought caused farmers to struggle. D) The war lasted over 10 years. Show Answer Correct Answer: A) The war was fought in both the Pacific and Europe. 4. When society does not have enough resources to produce all the things people would like to have. A) Scarcity. B) Economic Growth. C) Paradox of Value. D) Want. Show Answer Correct Answer: A) Scarcity. 5. What is a Household? 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: A) A person / group of people that share their income. 6. Which is an example of resource reallocation in World War II? A) Citizens sharing with citizens. B) Soldiers sharing with soldiers. C) Citizens not sharing with soldiers. D) A citizens conserving to give to soldiers. Show Answer Correct Answer: D) A citizens conserving to give to soldiers. 7. An opportunity cost can be known as a A) Trade-off. B) Trade secret. C) Tax. D) Tooth fairy. Show Answer Correct Answer: A) Trade-off. 8. The basic economic problem of all economies is essentially one of deciding how to make the best use of ..... A) Limited resources to satisfy unlimited wants. B) Unlimited resources to satisfy limited wants. C) Unlimited resources to satisfy unlimited wants. D) None of above. Show Answer Correct Answer: A) Limited resources to satisfy unlimited wants. 9. A garbage truck driver is an example of which Factor of Production? A) Labor. B) Land. C) Entrepreneurship. D) Capital. Show Answer Correct Answer: A) Labor. 10. Which of the following do economists NOT consider to be one of the factors of production? A) Land. B) Labor. C) Money. D) Capital. Show Answer Correct Answer: C) Money. 11. Something we would like to have but is not necessary for survival. A) Need. B) Want. C) Good. D) Service. Show Answer Correct Answer: B) Want. 12. What is an example of specialization? A) Selling the best pizza at Pizza Hut. B) Selling toilet paper at Wendy's. C) Giving the best hair cuts at a school. D) Giving the best paint jobs at a gym. Show Answer Correct Answer: A) Selling the best pizza at Pizza Hut. 13. Scarcity arises because all societies have A) Limited productive resources to satisfy unlimited wants. B) Unlimited productive resources to satisfy limited wants. C) Limited needs and unlimited wants. D) Unlimited needs and limited wants. Show Answer Correct Answer: A) Limited productive resources to satisfy unlimited wants. 14. These are the things we desire to have. A) Wants. B) Goals. C) Opportunity Costs. D) None of above. Show Answer Correct Answer: A) Wants. 15. Making a decision between 2 choices or things is A) Consequences. B) Choice. C) Decision making. D) None of above. Show Answer Correct Answer: B) Choice. 16. SSEF1d The value of the next best alternative given up is called A) Opportunity Cost. B) Trade off. C) Scarcity. D) Economics. Show Answer Correct Answer: A) Opportunity Cost. 17. Mr. Prince gave his wife $ 150 to pay an electric bill instead of buying tickets to see the New York Yankees. What is the opportunity cost? A) Mr. Prince. B) $ 150. C) Electric bill. D) Tickets to game. Show Answer Correct Answer: D) Tickets to game. 18. If a point falls in the interior of a ppc, there is a(n) A) Decreasing opportunity cost. B) Economic growth. C) Boom of resources. D) Recession. Show Answer Correct Answer: D) Recession. 19. The use of the smallest amount of resources to produce the greatest amount of output. It is the main reason why scarcity is good. A) Scarcity. B) Allocation. C) Productivity. D) Efficiency. Show Answer Correct Answer: D) Efficiency. 20. Why can an economy not produce above the PPC A) The economy does not have enough resources to produce any combination of 2 goods above the curve. B) Labour is not 100% efficient. C) In the real world economy there is wastage of productive resources. D) The opportunity cost is too high. Show Answer Correct Answer: A) The economy does not have enough resources to produce any combination of 2 goods above the curve. ← PreviousNext →Related QuizzesMicroeconomics QuizzesOpportunity Cost Quiz 1Opportunity Cost Quiz 2Opportunity Cost Quiz 3Opportunity Cost Quiz 4Opportunity Cost Quiz 5Opportunity Cost Quiz 6Opportunity Cost Quiz 8Opportunity Cost Quiz 9Opportunity Cost Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books