2. USAEO Microeconomics
Scarcity Incentives And Opportunity Cost — Quiz
Test your understanding of scarcity incentives and opportunity cost with 5 practice questions.
Practice Questions
Question 1
Which of the following best defines the concept of scarcity in economics?
Question 2
If a person decides to spend an hour studying for an economics exam instead of working a job that pays $15 per hour, what is the opportunity cost of studying?
Question 3
A factory can produce either 100 units of Product A or 200 units of Product B in a given day. If the factory chooses to produce 100 units of Product A, what is the opportunity cost of this decision?
Question 4
Which of the following statements about incentives is true?
Question 5
A student is deciding between three activities: attending a concert (worth $50 in enjoyment), watching a movie (worth $30 in enjoyment), or reading a book (worth $20 in enjoyment). If the student chooses to attend the concert, what is the opportunity cost of this choice?