Opportunity cost

Front

A farmer decides to grow potatoes instead of wheat. What is the opportunity cost of growing the potatoes?

Back

the output of wheat

Front

Opportunity cost of using land only for farming when shale oil extraction is an option.

Back

$35 billion

Front

Why is the pay of doctors usually higher than the pay of hospital cleaners?

Back

Doctors have a higher opportunity cost in qualifying

Front

A student decides to buy a ticket for a concert instead of buying a new shirt. What is the opportunity cost of buying the ticket?

Back

the shirt

Front

What is the opportunity cost of opening more golf courses in China, which use large quantities of water?

Back

loss of farmland

Front

A farmer reduces the land used to grow wheat from 80 hectares to 60 hectares and increases the use of the land for growing potatoes from 80 to 100 hectares. What is the opportunity cost of this change?

Back

The output from 20 hectares used for growing wheat.

Front

The Norwegian government chose to spend the profits from oil on stocks, bonds, and property instead of improving domestic infrastructure. Which economic concept does this best illustrate?

Back

opportunity cost

Front

In economics, why is natural sunlight classified as a free good?

Back

There is no opportunity cost of using sunlight

Front

A government allowed a building company to construct new houses which destroyed an area designated as an area of natural beauty. Which concepts can be applied to this statement?

Back

external cost; opportunity cost

Front

A government decides to spend more on defence and cannot spend money on a new airport. Which concepts can be applied to the above statement?

Back

public sector; opportunity cost