Opportunity Cost Review Quiz
Authored by Luis Jauregui
Social Studies
12th Grade
Used 7+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is "opportunity cost"?
The value of what you gain when choosing between two or more options.
The value of what is produced when demand is high.
The value of the profit gained when choosing an option.
The value of what you lose when choosing between two or more options.
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What are the two types of opportunity costs explained in the reading?
Supply and Demand
Organizational and Structural
Explicit and Implicit
None of the above
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What are implicit costs?
They are the lost opportunity to generate income through your resources.
They are out-of-pocket payments such as purchasing a stock, an option, or spending money to improve your property.
They are capital gained from the entrepreneur process.
All of the above.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What are explicit costs?
They are the lost opportunity to generate income through your resources.
They are out-of-pocket payments such as purchasing a stock, an option, or spending money to improve your property.
They are financial gains through free market processes.
All of the above.
5.
OPEN ENDED QUESTION
3 mins • Ungraded
Explain the following economic principle....
"The same choice will have different opportunity costs for other people."
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