Opportunity Cost and Opportunity Benefit Quiz
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Questions and Answers

In the context of the text, what does 'opportunity cost' refer to?

  • Making friends and learning new information
  • Actions that lead to longer sleep
  • What is gained by making a particular choice
  • The value of any alternative given up when making a choice (correct)

    • What is meant by 'opportunity benefit' according to the text?

  • Achieving your diploma and making parents proud
  • Watching TV and playing video games
  • What is gained by making a particular choice (correct)
  • The value of alternatives given up when making a choice

    • When going from combination X to combination Y, which area represents the opportunity benefit?

  • H (on the Books axis)
  • W (on the Movies axis) (correct)
  • X (on the Books axis)
  • H (on the Movies axis)

    • If you are moving from combination Y to combination X, which area reflects the opportunity cost?

    <p>H (on the Movies axis)</p> Signup and view all the answers

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