7.1 mastery check

The Méndez family has saved money for a family vacation. They would also like to buy a swimming pool. They decide to go on vacation. What is the opportunity cost of their vacation?

• $1,000

• the vacation

• swimming pool

• going to the park

The Austin City Council would like to build a new skate park or Soccer Field with tax money. The decide to build a skate park. What is the opportunity cost for the community?

• Austin City Council

• taxes

• skate park

• soccer field

You spend all of your birthday money on Air Pods. Now you can buy

• an Iphone

• a TV

• nothing because your money is gone

• a video game

Opportunity cost is

• something that never happens

• only a problem for adults

• a myth

• the value of the next best thing you give up whenever you make a decision

You decide to get a part-time job. Which one of these is NOT an opportunity cost when you are working?

• time to sleep

• time with your family

• time to play games

• time sharing

A farmer decides to plant corn on all of her land. Which of the answers below is her opportunity cost ?

• the ability to plant wheat

• the ability to go to college

• the ability of her workers

• the stability of the economy

When you make a choice, you give up

• the opportunity to make a different choice

• hunting bears

• your dream of winning the lottery

• your tax refund