Podcast
Questions and Answers
Opportunity cost is defined as
Opportunity cost is defined as
- The allocation of resources in decision making
- The scarcity of resources in decision making
- The loss of the next best alternative when making a decision (correct)
- The competing wants and needs in decision making
Scarcity refers to
Scarcity refers to
- Limited resources (correct)
- Allocation of resources
- Competing wants and needs
- Opportunity cost
When making a decision, opportunity cost is incurred because
When making a decision, opportunity cost is incurred because
- Choices have to be made about how to allocate limited resources (correct)
- The decision maker is unaware of other options
- There are competing wants and needs
- The next best alternative is always better
The opportunity cost of purchasing a new phone instead of new jeans is
The opportunity cost of purchasing a new phone instead of new jeans is
The opportunity cost of allocating all resources to producing electric vehicles instead of petrol vehicles is
The opportunity cost of allocating all resources to producing electric vehicles instead of petrol vehicles is
The opportunity cost of providing free school meals to all primary students instead of funding rural libraries is
The opportunity cost of providing free school meals to all primary students instead of funding rural libraries is
Opportunity cost arises due to
Opportunity cost arises due to
The concept of opportunity cost is applicable to
The concept of opportunity cost is applicable to
When making a decision, opportunity cost is the
When making a decision, opportunity cost is the
Opportunity cost is incurred when a decision maker
Opportunity cost is incurred when a decision maker
Opportunity cost is best defined as:
Opportunity cost is best defined as:
Which of the following is an example of considering opportunity cost?
Which of the following is an example of considering opportunity cost?
Ric values his free time at £20 per hour. If he can save 4 hours a week by working from home, how much is that worth to him monthly?
Ric values his free time at £20 per hour. If he can save 4 hours a week by working from home, how much is that worth to him monthly?
Why does the firm selling organic avocados decide not to accept the supply contract from the large supermarket?
Why does the firm selling organic avocados decide not to accept the supply contract from the large supermarket?
Which one of the following is NOT a factor that may change decisions when opportunity cost is factored in?
Which one of the following is NOT a factor that may change decisions when opportunity cost is factored in?
What is the opportunity cost of choosing a flight that costs £120 instead of £50?
What is the opportunity cost of choosing a flight that costs £120 instead of £50?
Flashcards are hidden until you start studying
