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Opportunity Cost: Definition & Real World Examples

Instructions:

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

question 1 of 3

Which of the following best describes opportunity cost?

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1. Assume that land can be used either for producing corn or producing beef. The opportunity cost of converting an acre from producing corn to raising cattle for beef is equal to which of the following?

2. Assume that you have two hours to spend at the mall. You can either visit the bookstore or enjoy a movie at the theater. The opportunity cost of watching a movie is equivalent to which of the following?

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About This Quiz & Worksheet

This printable quiz and worksheet will test your understanding of opportunity cost in real life situations. Topics you'll need to know to pass the quiz include the definition of opportunity costs and how to find opportunity cost.

Quiz & Worksheet Goals

The goals of this quiz and worksheet include:

  • Define opportunity cost
  • Understand the importance of opportunity cost in making major decisions
  • Determine the opportunity cost for various scenarios

Skills Practiced

In this quiz and worksheet, students practice these skills:

  • Reading comprehension - ensure that you draw the most important information from the related economics lesson
  • Information recall - access the knowledge you've gained regarding opportunity cost
  • Knowledge application - use your knowledge to determine the opportunity cost in real world situations

Additional Learning

To learn more about this topic, review the accompanying lesson titled Opportunity Cost: Definition & Real World Examples. This less explores the following objectives:

  • Define opportunity cost
  • Determine opportunity cost
  • View real world examples
  • Examine the role of scarcity in opportunity cost
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