opportunity cost
Authored by Eugene Joseph
Business
11th - 12th Grade
Used 1+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The economic problem is that
resources are limited and wants are limited.
resources are unlimited and wants are limited.
resources are limited and wants are unlimited.
resources are unlimited and wants are unlimited.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The opportunity cost of a good is
its price in dollars and cents.
the alternative goods forgone.
the price of alternative goods foregone.
none of the other options
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is opportunity cost?
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is scarcity?
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision?
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Emelia has been invited to a sleep over at Chloe’s house for this Saturday. Emelia has tickets to see her favorite band in concert that same night. She decides to give the tickets to her sister and go to Chloe’s house. What is the opportunity cost of her decision?
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