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Practice Reading: Reading and Writing Fill in the Blanks ID: #31506 Opportunity Cost
Instructions ›
Below is a text with blanks. Click on each blank, a list of choices will appear. Select the appropriate choice for each blank.
Opportunity  cost  incorporates  the  notion  of  scarcity:  No  matter  what  we  do,  there  is  always  a  trade-off.  We  must  trade  off  one  thing  for  another  because  resources  are  limited  and  can  be  used  in  different  ways.  By    something,  we  use  up  resources  that  could  have  been  used  to  acquire  something  else.  The  notion  of  opportunity  cost  allows  us  to  measure  this  trade-off.  Most  decisions    several  alternatives.  For  example,  if  you  spend  an  hour  studying  for  an  economics  exam,  you  have  one  fewer  hour  to    other  activities.  To    the  opportunity  cost  of  an  activity,  we  look  at  what  you  consider  the  best  of  these  “other”  activities.  For  example,  suppose  the    to  studying  economics  are  studying  for  a  history  exam  or  working  in  a  job  that  pays  $10  per  hour.  If  you  consider  studying  for  history  a    use  of  your  time  than  working,  then  the  opportunity  cost  of  studying  economics  is  the  four  extra  points  you  could  have  received  on  a  history  exam  if  you  studied  history  instead  of  economics.  Alternatively,  if  working  is  the  best  alternative,  the  opportunity  cost  of  studying  economics  is  the  $10  you  could  have  earned  instead.

Result:

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Correct answer: acquiring

Explanation: The word 'acquiring' fits grammatically as it is a gerund that serves as the subject of the clause, indicating the action of obtaining something. It aligns contextually with the idea of using resources, as acquiring implies taking possession of something, which directly relates to the concept of opportunity cost.

Meaning: 'Acquiring' means to gain or obtain something, particularly in the context of using resources to get what you want.

Wrong options:

  • sparing: The word 'sparing' implies being frugal or avoiding use, which contradicts the context of using resources; it does not fit grammatically as it does not indicate an action of obtaining.
  • relaxing: 'Relaxing' refers to taking it easy or reducing stress, which is unrelated to the concept of using resources for trade-offs, making it contextually inappropriate.
  • bringing: 'Bringing' suggests transporting something to a place, which does not align with the idea of utilizing resources in the context of opportunity cost.
Correct answer: involve

Explanation: The word 'involve' is the correct choice as it indicates that decisions require consideration of multiple alternatives, fitting grammatically as it is a verb that matches the plural subject 'decisions'. It also aligns contextually with the idea of weighing options.

Meaning: 'Involve' means to include or require something as a necessary part, indicating that decisions are not made in isolation but require consideration of various choices.

Wrong options:

  • entitled: 'Entitled' suggests having a right to something, which does not fit the context of decision-making and is grammatically incorrect as it does not convey action.
  • total: 'Total' refers to the whole amount and does not fit grammatically or contextually as it does not indicate an action related to decisions.
  • better: 'Better' is an adjective and does not fit grammatically in this context where a verb is required to describe what decisions do.
Correct answer: pursue

Explanation: The word 'pursue' fits grammatically as it is a verb that indicates the action of engaging in other activities. It aligns contextually with the idea of spending time on different tasks, emphasizing the trade-off involved in time management.

Meaning: 'Pursue' means to follow or engage in an activity, indicating that time spent studying limits time available for other activities.

Wrong options:

  • ask: 'Ask' implies seeking information or making a request, which does not fit the context of engaging in activities and is grammatically incorrect as it does not convey the intended meaning of engaging in tasks.
  • reliable: 'Reliable' is an adjective that describes dependability, which does not fit the context of actions taken regarding time management.
  • bring: 'Bring' suggests carrying something to a place, which does not align with the context of engaging in activities and is grammatically inappropriate.
Correct answer: determine

Explanation: The word 'determine' is appropriate as it is a verb that indicates the action of finding out or establishing something. It fits grammatically and contextually, as it relates to assessing the opportunity cost of an activity.

Meaning: 'Determine' means to figure out or decide something, particularly in the context of evaluating options and their costs.

Wrong options:

  • engage: 'Engage' implies participation or involvement, which does not fit grammatically as it does not convey the action of assessing or evaluating opportunity costs.
  • gather: 'Gather' means to collect or assemble, which does not fit the context of evaluating or assessing opportunity costs and is grammatically incorrect in this context.
  • stable: 'Stable' is an adjective that describes steadiness, which does not fit the context of assessing or determining costs.
Correct answer: alternatives

Explanation: The word 'alternatives' fits grammatically as it is a plural noun that refers to different options available. It aligns contextually with the discussion of choices in the context of opportunity cost.

Meaning: 'Alternatives' means different options or choices available to consider, particularly in decision-making scenarios.

Wrong options:

  • aspects: 'Aspects' refers to different parts or features, which does not fit the context of choices and is grammatically incorrect as it does not convey the idea of options.
  • facts: 'Facts' are statements that can be proven true, which does not fit the context of choices and is grammatically inappropriate in this context.
  • aspirations: 'Aspirations' refers to hopes or ambitions, which does not fit the context of evaluating options and is grammatically incorrect.
Correct answer: better

Explanation: The word 'better' is the correct choice as it is an adjective that compares the value of studying history to working, fitting grammatically and contextually in the sentence to indicate a preference.

Meaning: 'Better' means of superior quality or more advantageous, indicating that studying history is viewed as a more valuable use of time compared to working.

Wrong options:

  • nice: 'Nice' is a subjective term that does not convey the comparative value needed in this context and is grammatically incorrect as it does not provide a clear comparison.
  • higher: 'Higher' implies a greater degree or level, which does not fit the context of comparing the value of time spent and is grammatically inappropriate.
  • factual: 'Factual' refers to something based on facts, which does not fit the context of comparing the value of time and is grammatically incorrect.

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