Opportunity Cost Practice Questions 3.4

Opportunity Cost Practice Questions 3.4

Assessment

Assessment

Created by

Haseena Rahiman

Social Studies

4th - 8th Grade

25 plays

Easy

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10 questions

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1.

Multiple Choice

30 sec

1 pt

Which one of these definitions best describe Opportunity Costs?

The cost of making one decision over another.

The cost for the opportunity to buy anything you want.

The opportunity that will cost you loads of money.

2.

Multiple Choice

30 sec

1 pt

Alex is studying for his math quiz, but his favorite TV show just started. If he studies for the quiz, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the quiz. What is the opportunity cost of his decision?

studying for a quiz

watching TV

eating dinner

taking a nap

3.

Multiple Choice

30 sec

1 pt

Which of these is NOT an example of a need?

Water

Food

Cell phone

Shelter

4.

Multiple Choice

30 sec

1 pt

Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?

Shoes

Jacket

Dress

Purse

5.

Multiple Choice

30 sec

1 pt

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

Ford

Honda

Toyota

Dodge

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