Econ Choice Quiz

You can either buy a book for $10 or a movie ticket for $10, what is the opportunity cost of buying the book?

• $0

• The movie ticket

• Both A and B

Sarah has 3 hours of free time. She can either play video games or study for her test. If she chooses to play video games, what is the opportunity cost?

• 3 hours of study time

• The fun of playing video games

• The grade she would get on the test

• There is no opportunity cost

If a factory can produce either 100 toys or 50 bicycles in a day, what is the opportunity cost of producing 100 toys?

• 50 bicycles

• 100 toys

• 150 items in total

• There is no opportunity cost

A country can choose to produce either 500 units of food or 300 units of clothing with its resources. What is the opportunity cost of producing 500 units of food?

• 500 units of food

• 300 units of clothing

• 800 units total

• There is no opportunity cost

If you spend 2 hours studying economics instead of working at a job that pays $10 per hour, what is the opportunity cost of your study time?

• $20

• 2 hours of work

• The knowledge gained from studying

• $10

A farmer can use his field to grow corn or to raise his daughter's horse. If he chooses to raise his daughter's horse, what is the opportunity cost of his decision?

• The horse

• $1000

• The Food

If a student decides to sleep for an extra hour instead of studying for an exam, what is the opportunity cost of that extra hour of sleep?

• 1 hour of study time

• The grade they could have received on the exam

• The rest gained from sleeping

A company has the resources to produce either 100 units of Product A or 200 units of Product B. If it chooses to produce Product A, what is the opportunity cost?

• 100 units of Product A

• 200 units of Product B

• 300 units total

• There is no opportunity cost

Eggs are a ​ (a)   , and auto repair is a ​ (b)   .

• good
• service

Match the following

• services

• things people do; cannot be touched or held

• public goods and services

• make or provide goods or services

• consumer

• buy goods and use services

• goods

• things people make; can be touched or held

• producers

• goods and services provided by the government and paid for by taxes