Opportunity cost and ppc

Quiz
•
Education
•
10th Grade
•
Easy
Sindy sari
Used 5+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following best defines opportunity cost?
The amount of money spent on a product.
The benefit of the next best alternative that is foregone.
The total cost of producing goods.
The resources used in production.
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If a company uses its resources to produce 100 cars instead of 200 motorcycles, what is the opportunity cost of producing the cars?
100 cars
200 motorcycles
Both 100 cars and 200 motorcycles
There is no opportunity cost
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What does a point on the PPC curve represent?
Inefficient use of resources
Maximum production with given resources
Unattainable production level
Economic growth
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What happens when an economy is operating inside its Production Possibility Curve (PPC)?
All resources are being used efficiently.
There are unused or underutilized resources.
The opportunity cost is zero.
The economy is producing at its maximum capacity.
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If producing one computer costs the opportunity of producing three phones, what is the opportunity cost of producing 5 computers?
15 phones
10 phones
5 phones
3 phones
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