This quiz works best with JavaScript enabled. Home > Microeconomics > Costs > Opportunity Cost – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Opportunity Cost Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When one good is sacrificed for another it is called a(n): A) Trade-off. B) Exchange. C) Production Possibilities. D) Scarcity. Show Answer Correct Answer: A) Trade-off. 2. A government is faced with the choice of spending on either education or healthcare.Of what is this an example? A) Conservation of resources. B) Monetary policy. C) Opportunity cost. D) Substitution of factors. Show Answer Correct Answer: C) Opportunity cost. 3. Citizens during WWII had to find ..... ways to live without resources that were limited. A) Opportunity cost. B) Rationing. C) Reallocation. D) Alternative. Show Answer Correct Answer: D) Alternative. 4. Which of the following is a free good? A) Inoculation provided without change by the state. B) Prizes of food items given away by a supermarket. C) Recycled paper. D) Wind coming in from the sea. Show Answer Correct Answer: D) Wind coming in from the sea. 5. What good does Toys R Us specialize in? A) Donuts. B) Candy. C) Pizza. D) Toys. Show Answer Correct Answer: D) Toys. 6. The place where goods and services are exchanged A) Barter. B) Currency. C) Market. D) Resource. Show Answer Correct Answer: C) Market. 7. What is the non-monetary cost of attending college? A) Less time to spend with friends. B) Getting a job. C) Money to spend on tuition. D) Saving a car. Show Answer Correct Answer: A) Less time to spend with friends. 8. Tyra Foster likes asking at least 21 questions. She had to make a decision to ask another one or not to. She chose to not ask another question. What is her opportunity cost? A) Not asking a question. B) Remaining silent. C) None of the above. D) None of above. Show Answer Correct Answer: C) None of the above. 9. Sam's boss called to offer her an extra shift tonight. Sam wanted the money, but she's got a big swim meet tomorrow and needed sleep. She told her boss to offer the shift to someone else. What is the opportunity cost? A) Sam's boss. B) Money. C) Swim meet. D) Sam. Show Answer Correct Answer: B) Money. 10. Which of these would NOT be an example of an opportunity cost of working on a homework assignment? A) Playing a game. B) Watching a movie. C) Getting a good grade. D) Taking a walk. Show Answer Correct Answer: C) Getting a good grade. 11. You buy a chair on craigslist for $ 10. You then discover that this is a special chair you could sell for $ 100, you decide to keep the chair anyway. What is the opportunity cost? A) $ 10. B) $ 90. C) $ 100. D) $ 110. Show Answer Correct Answer: C) $ 100. 12. At the store a boy is trying to decide if he wants to spend his money on a new jacket or a pair of cool boots. This is an example of- A) Specialization. B) Economic choice. C) Human resources. D) Interdependence. Show Answer Correct Answer: B) Economic choice. 13. The fact that there are limited amounts of goods and services to meet unlimited wants is called: A) Scarcity. B) Shortage. C) Surplus. D) Economics. Show Answer Correct Answer: A) Scarcity. 14. An increase in resources A) Will shift the PPC outward. B) Will shift the PPC inward. C) Will cause a movement along the PPC. D) Will not change the PPC. Show Answer Correct Answer: A) Will shift the PPC outward. 15. A student decides to buy a ticket for a concert instead of buying a new shirt. What is the opportunity cost of buying the ticket? A) The concert. B) The price of the ticket to the concert. C) The shirt. D) The time spent purchasing the ticket. Show Answer Correct Answer: C) The shirt. 16. In terms of the production possibility curve, a decrease in unemployment would be best shown by A) A movement along the curve. B) An outward shift of the curve. C) A movement from a point inside the curve to a point closer to the curve. D) An inward shift of the curve. Show Answer Correct Answer: C) A movement from a point inside the curve to a point closer to the curve. 17. All of the following are possible costs of your decision to go away to college except A) You will spend lots of time studying. B) There may be a lot of social distractions. C) You will become more educated. D) You will be paying a lot of money. Show Answer Correct Answer: C) You will become more educated. 18. A government decides to spend more on defence and therefore cannot spend as much on improving the country's infrastructure.What economic idea is illustrated by this decision? A) Budget surplus. B) Monetary policy. C) Opportunity cost. D) Specialisation. Show Answer Correct Answer: C) Opportunity cost. 19. To control the amount of something that people are allowed to have, especially when there is not enough is known as ..... A) Opportunity cost. B) Rationing. C) Spending. D) Needs. Show Answer Correct Answer: B) Rationing. 20. Limited Resources + Unlimited Wants = A) Scarcity. B) Productivity. C) Opportunity Cost. D) Efficiency. Show Answer Correct Answer: A) Scarcity. ← 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 9Opportunity Cost Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books