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Opportunity Cost Quiz

Authored by Brian White

English

12th Grade

CCSS covered

Used 10+ times

Opportunity Cost Quiz
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18 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does tradeoffs mean in economics?

Choosing the next best alternative

Comparing benefits and costs

Making decisions based on scarcity

Choosing between different options

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the fundamental economic concepts discussed in the video?

Supply and demand

Opportunity cost and tradeoffs

Inflation and unemployment

Gross domestic product

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the benefit of considering tradeoffs in decision making?

Saving money

Saving time and effort

Making better decisions

Increasing productivity

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