How to Calculate Opportunity Cost

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

With the same amount of resources, Country A can produce 25 tons of chicken or 50 tons of wheat. What is Country A's opportunity cost of producing 1 ton of wheat?

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1. Assuming there are only two countries, Country A can produce 10 tons of wheat or 20 tons of rice, while Country B can produce 5 tons of wheat or 15 tons of rice. Which country has the highest opportunity cost for producing 1 ton of rice?

2. In one hour, Sally can complete 4 reports or she can write 9 computer programs. Calculate the opportunity cost for this scenario.

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About This Quiz & Worksheet

This quiz is a series of math problems and will present you with a variety of situations about individuals or groups facing two choices. You will need to calculate the opportunity cost for a particular path.

Quiz & Worksheet Goals

To solve the practice problems, you will need to know these details about opportunity cost:

  • What's needed to calculate opportunity cost
  • How to analyze a choice between two things from a different perspective
  • Formula used to determine opportunity cost

Skills Practiced

The quiz will require you to practice these skills:

  • Problem solving - use acquired knowledge to solve opportunity cost practice problems
  • Interpreting information - verify that you can read through opportunity cost examples and interpret them correctly
  • Knowledge application - use your knowledge to answer questions about how to analyze decisions

Additional Learning

Complete the quiz and head over to the related lesson, How to Calculate Opportunity Cost. The lesson covers the following objectives:

  • Explore the opportunity cost equation
  • Walk through examples of calculating opportunity costs
  • Relate opportunity cost to the production possibility curve
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