Opportunity Cost
3 Questions
| Total Attempts: 245
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Quiz on Opportunity Cost
Questions and Answers
- 1.Opportunity cost is defined as the value of?
- A.
The best forgone alternative
- B.
The sum of all other alternatives
- C.
The worst forgone alternative
- D.
The difference between the actual choice and the best forgone alternative
- 2.What was the opportunity cost of saving Private Ryan
- A.
The value of Private Ryan's life
- B.
The difference in value between Private Ryan's life and the other lives lost
- C.
The many lives lost in the process
- D.
Any of the above is an acceptable answer
- 3.A significant limitation of opportunity cost is?
- A.
The market value of objects cannot be determined
- B.
Opportunity cost is not used in daily decision-making
- C.
Opportunity cost does not consider the best forgone alternative
- D.
There is no universal value to an object
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