Opportunity Cost Quiz

What is the concept of opportunity cost?

• The value of the next best alternative

• The benefits of a decision

• The direct monetary costs

• The time and effort required

What does tradeoffs mean in economics?

• Choosing the next best alternative

• Comparing benefits and costs

• Making decisions based on scarcity

• Choosing between different options

What is an example of opportunity cost in the coffee shop scenario?

• Jenny going on a first date with Roman

• Jenny binge watching her favorite TV show

• Jenny having breakfast with her sister

• Jenny paying for an Uber ride

What is a tradeoff of adding sprinklers in the coffee shop?

• Increased safety during a fire

• Lower cost of coffee

• Higher cost of installation

• More customers in the shop

What does a more stringent building code mean for opening new businesses?

• Lower cost of opening new businesses

• Higher cost of opening new businesses

• Easier process of opening new businesses

• More new businesses getting opened

What are the fundamental economic concepts discussed in the video?

• Supply and demand

• Opportunity cost and tradeoffs

• Inflation and unemployment

• Gross domestic product

What is the benefit of considering tradeoffs in decision making?

• Saving money

• Saving time and effort

• Making better decisions

• Increasing productivity

What is the main focus of economics?

• Studying decisions

• Calculating costs

• Maximizing profits

• Analyzing market trends

What is the opportunity cost of Jenny going on a third date with Adam?

• Missing out on her favorite TV show

• Not having breakfast with her sister

• Paying for an Uber ride

• Drinking a chai tea latte

What is the tradeoff of making buildings safer?

• Lower cost of construction

• Higher cost of coffee

• More new businesses getting opened

• Higher cost of opening new businesses