Opportunity Cost Quiz

Ten Opportunity Cost questions cover feasible alternatives and marginal choices, with production and cost calculations. Every answer is explained.

Free, with no sign-up.

For High school students and adults reviewing the topic.

About 12 minutes. 10 questions.

How does it work?

Choose one answer or enter a number in the stated unit, then check it.
Round only the final answer in a calculation.

What will you get?

Review a score and an explanation for every answer.

Question 1With one workday, a workshop can make either 18 shelves or 6 desks at constant trade-offs. Find the opportunity cost of one desk in shelves/desk, rounded to two decimals.

Enter a number in shelves/desk.

Answers within 0.005 shelves/desk of the expected value are accepted.

Question 2Moving along a production schedule from 5 baskets and 34 bowls to 6 baskets and 29 bowls uses the same resources. Find the marginal opportunity cost of the extra basket in bowls, rounded to the nearest whole number.

Enter a number in bowls.

Answers within 0.5 bowls of the expected value are accepted.

Question 3For a project, purchased materials cost $360. A feasible paid task, worth $140 net of its expenses, is forgone. Find the combined explicit and implicit cost in dollars, rounded to two decimals.

Enter a number in dollars.

Answers within 0.005 dollars of the expected value are accepted.

Question 4A nonrefundable booking has been paid for, but attending now would displace a preferred activity. What belongs in the current decision?

The largest amount spent before this choice was availableThe lost payment as a reason to attend even if future costs exceed benefitsThe benefits and sacrifices that still depend on attendingThe booking price counted again as a new payment if the person leaves

Question 5Using an otherwise idle room displaces no valued activity and adds no maintenance or other cost. What is its marginal sacrifice?

The replacement cost of the room’s existing floorThe highest rent charged for a different buildingThe extra use has a trade-off worth zeroThe original construction bill paid again

Question 6One producer is faster at both tasks, yet gives up more food per repair than another producer. Who has the comparative advantage in repairs?

The producer completing the greatest total number of tasksThe producer with the larger food output irrespective of trade-offsThe producer charging the highest money price for repairsThe producer facing the smaller sacrifice of alternative output

Question 7A free volunteer shift displaces an afternoon of valued rest. How should the sacrifice be described?

A gain that cancels the need to compare alternativesA cash expense equal to the organizer’s wage billNo economic cost because the organizer charges no feeA real nonmoney benefit given up by using the time

Question 8A student compares a training course with a job requiring qualifications they do not yet hold. What must be corrected?

The alternative must be available at the time of choosingThe course’s past advertising expense must determine the comparisonThe most prestigious occupation must replace the available jobThe job’s advertised salary must be added to the course fee

Question 9An uncertain project competes with a guaranteed payment. What is needed to compare their expected money values?

The average of possible payments regardless of their likelihoodThe risky outcomes weighted by their stated probabilitiesThe guaranteed payment removed because it involves no riskThe largest possible payoff assigned to the risky option

Question 10A planner chooses one project from several mutually exclusive uses of the same site. Which forgone benefit is the opportunity cost?

The highest-valued feasible rejected useThe combined benefits of the rejected projectsThe least expensive rejected construction planThe arithmetic mean of the rejected projects’ benefits

Answer every question to see and share your score.

Read the topic guide