
Opportunity Cost
Authored by Jon Neale
Specialty
12th Grade

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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does PPF stand for?
People's Preference Foundation
Product Price Fluctuation
Potential Profit Forecast
Production Possibility Frontier
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the marginal cost of 1 more rabbit in scenario E?
2 rabbits
40 berries
1/20 of a rabbit
20 berries
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you want 20 more berries in scenario E, what must you give up?
10 berries
2 rabbits
40 berries
1 rabbit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the marginal cost of 1 more berry in scenario E?
1/20 of a rabbit
1 rabbit
2 rabbits
40 berries
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'opportunity cost' refer to?
The profit lost from choosing one option over another
The cost of producing one more unit in monetary terms
The monetary cost of an investment
The cost of an alternative that must be forgone
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is assumed about the relationship between berries and rabbits in scenario E for calculating marginal cost?
It is exponential
It is logarithmic
It is somewhat linear
It is perfectly linear
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the opportunity cost of going after one more rabbit?
The money spent on hunting equipment
The energy expended during hunting
The time spent hunting
The berries you have to give up
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