Opportunity Cost Practice Questions 3.4

Assessment
•
Haseena Rahiman
•
Social Studies
•
4th - 8th Grade
•
25 plays
•
Easy
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10 questions
Show answers
1.
Multiple Choice
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
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
Which of these is NOT an example of a need?
Water
Food
Cell phone
Shelter
4.
Multiple Choice
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
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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