Have an account?
Skip to Content
Build your own quiz
10 questions
Show Answers
See Preview
- 1. Multiple ChoiceTonya had a hard time deciding between the Big Burger and the Crispy Chicken sandwiches,
her two favorites. She chose the chicken because she had more recently had a burger. What
was her opportunity cost?Big BurgerCrispy Chicken Sandwich - 2. Multiple ChoiceJimmy went to a candy store. He really wanted chocolate nut clusters, jelly beans, and licorice.
He only had enough money buy one of them. He can’t eat chocolate or nuts because of an
allergy. He decided to buy some licorice. What was his opportunity cost?Chocolate Nut ClustersJelly BeansLicorice - 3. Multiple ChoiceMary was shopping in a clothing store. She had $100 to spend. She found three items she
liked: $99 for a pair of shoes, $98 for a jacket, and $96 for a dress. After over an hour of
shopping, she decided to borrow some shoes from her sister and to buy the jacket for $98. What was her opportunity cost?ShoesJacketDress - 4. Multiple ChoiceJoe was shopping for a truck. He has looked at similarly priced Ford, Chevrolet, Toyota, and
Ram models. After a lot of thought, he narrowed it down to either the Ford or the Chevrolet.
He selected the Ford because he liked the interior a little better. What was his opportunity
cost?FordChevroletToyotaRam - 5. Multiple ChoiceThe city was building a new park. There was only enough money in the budget to include
new tennis courts, a wading pool, a music stage, or a parking lot. At the public hearing, many
of the people wanted more parking. City Council voted to build the music stage after
narrowing it down to either the stage or the wading pool. What was the city’s opportunity
cost?tennis courtwading poolmusic stageparking lot - 6. Multiple ChoiceThe use of the smallest amount of resources to produce the greatest amount of output. It is the main reason why scarcity is good.ScarcityAllocationProductivityEfficiency
- 7. Multiple ChoiceWhat is the most basic problem of economics?ScarcityAllocationProductivitySpecialization
- 8. Multiple ChoiceHow do we satisfy the greatest number of needs and wants?SpecializationProductivityAllocationOpportunity Cost
- 9. Multiple ChoiceAll the things we sacrifice to obtain another?Trade-OffsOpportunity CostScarcityFactors of Production
- 10. Multiple ChoiceTrade-offs create this. It is the thing that you DO NOT chose. It is what you have to give up in order to get something else. It is your 2nd BEST ALTERNATIVE.Trade-offsOpportunity CostScarcityProduction Possibilities Curve
- Answer choicesTagsAnswer choicesTags