1. Introduction to Economics
Opportunity Cost — Quiz
Test your understanding of opportunity cost with 5 practice questions.
Practice Questions
Question 1
What is the fundamental concept that describes the value of the next best alternative foregone when a decision is made?
Question 2
When you choose to spend your allowance on a new video game instead of a new book, what is the opportunity cost?
Question 3
A student has two hours of free time. They can either study for an economics test or watch a movie. If they choose to watch the movie, what is the opportunity cost?
Question 4
Which of the following best illustrates a trade-off?
Question 5
A city decides to build a new park on land that could have been used for a new school. What is the opportunity cost of building the park?