What does opportunity cost represent in decision-making?

Understanding Opportunity Cost and Specialization

Interactive Video
•
Economics, Business, Social Studies
•
7th - 12th Grade
•
Hard

Lucas Foster
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total cost of all alternatives
The value of the next best alternative forgone
The monetary cost of an item
The time spent on an activity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of opportunity cost, what is the true cost of waiting in line for free ice cream?
The time spent waiting
The calories in the ice cream
The price of the ice cream
The value of the next best activity you could have done
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do economists use opportunity cost to evaluate trade?
By analyzing the supply chain
By determining the potential benefits of trading
By calculating the total production cost
By assessing the market demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Bob's opportunity cost of gathering one banana?
4 fish
3 fish
2 fish
1 fish
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Ann's opportunity cost of producing one banana?
3 fish
2 fish
4 fish
1 fish
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is Ann's opportunity cost of gathering bananas higher than Bob's?
She can catch more fish in the same time
She gathers bananas faster
She has less time available
She prefers fishing
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What advantage do Bob and Ann gain by specializing in their respective tasks?
Higher overall production
Increased leisure time
Lower production costs
More diverse skills
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