Opportunity Cost Quiz

Opportunity Cost Quiz

12th Grade

13 Qs

quiz-placeholder

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Opportunity Cost Quiz

Opportunity Cost Quiz

Assessment

Quiz

Other

12th Grade

Medium

Created by

Morgan Bear

Used 2+ times

FREE Resource

13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity cost is the value of the next best alternative that is given up when a financial decision is made. True or False?

True

Maybe

False

Not sure

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the opportunity cost of buying a new smartphone for $500 when the next best alternative is to invest the money in stocks with an expected return of 10%?

The opportunity cost is $250 (50% of $500)

The opportunity cost is $50 (10% of $500)

The opportunity cost is $100 (20% of $500)

The opportunity cost is $25 (5% of $500)

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When a company decides to invest in new machinery instead of using the funds to expand its product line, what type of opportunity cost is being considered?

Production opportunity cost

Management opportunity cost

Capital opportunity cost

Labor opportunity cost

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity cost is only related to money and financial decisions. True or False?

False

Not sure

True

Partly true

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a student chooses to work part-time to earn money instead of studying for an exam, what is the opportunity cost of their decision?

The money they could have spent on entertainment instead of working part-time

The money they could have borrowed from a friend instead of working part-time

The money they could have saved by not working part-time

The money they could have earned by working part-time

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Production opportunity cost refers to the cost of producing one more unit of a good or service. True or False?

False

Maybe

True

Not sure

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the production opportunity cost of a bakery that decides to use its ovens to bake cookies instead of bread?

Potential revenue or value from baking bread

Cost of purchasing new ovens

Cost of hiring additional staff

Cost of advertising the cookies

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