This quiz works best with JavaScript enabled. Home > Microeconomics > Costs > Opportunity Cost – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Opportunity Cost Quiz 9 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Improved Methods is also known as A) On the Job Training. B) Working more. C) Working Less. D) Being unemployed. Show Answer Correct Answer: A) On the Job Training. 2. A decision always involves A) Good or services. B) Income. C) At least two alternatives. D) Money. Show Answer Correct Answer: C) At least two alternatives. 3. Elizabeth has a $ 25 budget to spend at the store. Which items should she buy first before she buys anything else? A) Soda, bottled water, grapes. B) Bread, candy, chips. C) Milk, ice cream, pasta. D) Eggs, oranges, soup. Show Answer Correct Answer: D) Eggs, oranges, soup. 4. What, according to the definition of opportunity cost, is sacrificed when a decision is taken? A) An identical alternative. B) Any possible alternative. C) The least valuable alternative. D) The next best alternative. Show Answer Correct Answer: D) The next best alternative. 5. A ..... is a good thing that occurs as a result of something else. A) Benefit. B) Choice. C) Opportunity cost. D) Need. Show Answer Correct Answer: A) Benefit. 6. Construction companies are building new houses on land previously used for farming.What is the opportunity cost to society of this activity? A) Improved living conditions. B) Less congestion in city centres. C) More homes for new homeowners. D) Some farm output. Show Answer Correct Answer: D) Some farm output. 7. To trade goods or services is called ..... ? A) Choice. B) Service. C) Barter. D) Wants. Show Answer Correct Answer: C) Barter. 8. A famous economics saying is, "There is no such thing as a free lunch" . What does this statement mean? A) You must always pay for lunch. B) Never accept a free lunch. C) None of these. D) Everything has a cost. Show Answer Correct Answer: D) Everything has a cost. 9. Yann bought a new bicycle for $ 350 but has never used it. The second hand value of the bicycle is $ 250. What is the opportunity cost to Yann of keeping the bicycle? A) $ 0. B) $ 100. C) $ 250. D) $ 350. Show Answer Correct Answer: C) $ 250. 10. Tools we use to make products A) Capital resources. B) Human resources. C) Natural resources. D) Entrepreneurs. Show Answer Correct Answer: A) Capital resources. 11. A firm decides to stop manufacturing ovens and to produce washing machines instead.What is the opportunity cost to the firm? A) The additional washing machines produced. B) The cost of producing ovens. C) The cost of producing washing machines. D) The loss of the production of ovens. Show Answer Correct Answer: D) The loss of the production of ovens. 12. Find 25% of 80 kg A) 40 kg. B) 10 kg. C) 8 kg. D) 20 kg. Show Answer Correct Answer: D) 20 kg. 13. Which of the following would NOT be an example of an opportunity cost for spending the day at a baseball game? A) Spending the day at a park. B) Spending the day doing homework. C) The money you spent on the ticket. D) Hanging out with your friends at the basketball game. Show Answer Correct Answer: C) The money you spent on the ticket. 14. A ..... is something you would like to have, but it is not required to live. A) Need. B) Want. C) Choice. D) Luxury. Show Answer Correct Answer: B) Want. 15. When you make a choice, you often have to give up other options ..... those options are called A) Trade offs. B) Missed Opportunities. C) Misused Resources. D) Scarce Options. Show Answer Correct Answer: A) Trade offs. 16. What name is given to the most important item you give up when you make a decision? A) Trade-offs. B) Opportunity cost. C) Lost opportunities. D) Options. Show Answer Correct Answer: B) Opportunity cost. 17. It's recommended that you spend your money on ..... last. A) Needs. B) Wants. C) Debt. D) Budget. Show Answer Correct Answer: B) Wants. 18. In economics, natural sunlight is classified as a free good. What is the reason for this? A) Sunlight is a gift of nature. B) Sunlight is a renewable resource. C) There is no opportunity cost of using sunlight. D) Unlimited amounts of sunlight can be consumed. Show Answer Correct Answer: C) There is no opportunity cost of using sunlight. 19. David wanted to go to the movie, but he chose to pay his water bill instead, the following would be an example of A) Need. B) Want. C) Factor of production. D) None of above. Show Answer Correct Answer: A) Need. 20. You win a football match ticket that worth $ 100, but need to pay 25% tax. What is the opportunity cost if you choose to stay home and watching a TV show that you need to pay $ 20 rather than going to the football match? A) $ 125. B) $ 100. C) $ 95. D) $ 75. Show Answer Correct Answer: C) $ 95. ← 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 8Opportunity Cost Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books