Search Header Logo

Opportunity Cost

Authored by Andrea Camargo

Social Studies

University

10 Questions

Used 13+ times

Opportunity Cost
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is opportunity cost?

your choice
what you give up to make a choice

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity? 

Having too many resources 
Not  having enough resources 

3.

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?

muffins 
cookies 

4.

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?

vacation 
swimming pool 

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The local government for a community must decide what to do with the sales tax collected.  They could build a new skate park or they could buy more computers for the public library.  The officials decide to build a skate park.  What is the opportunity cost of their decision?

new skate park
more computers 

6.

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

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is

20 whips

30 saddles

50 whips

60 saddles

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?