Practice Opportunity Cost (3) - Introduction to Economics - IB 10 Individuals & Societies

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9 questions

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6 sample questions

Question 1.
What does opportunity cost mean?
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Think about the option you gave up when you made your choice.
Question 2.
Give an example of opportunity cost in everyday life.
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Consider choices you make daily and what you forfeit.
3Question 3.
What is the definition of opportunity cost?
- The benefit of the chosen option
- The value of the next best alternative
- The cost of resources used
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Focus on what is lost when a choice is made.
4Question 4.
True or False: Opportunity cost applies only to financial decisions.
- True
- False
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Think broadly about daily choices.
Question 5.
A student has a choice to spend two hours studying for an exam or working at a part-time job for the same duration. Analyze the opportunity costs involved in this decision.
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Evaluate the benefits of each choice.
Question 6.
Consider a local government deciding between funding a new sports facility or building a library. Discuss the opportunity costs involved in this decision.
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Focus on the benefits each option provides.

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