What is the primary reason we consider opportunity costs when a new opportunity arises?

Understanding Opportunity Costs

Interactive Video
•
Business, Education, Life Skills
•
9th - 12th Grade
•
Medium

Jackson Turner
Used 9+ times
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To avoid any potential risks associated with the new opportunity
To evaluate the financial benefits of the new opportunity
To compare it with our current situation and assess what we might lose
To ensure we are making the most popular choice
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do students typically define opportunity costs?
The financial cost of a new opportunity
The benefit we give up when choosing one alternative over another
The risk associated with a new opportunity
The time spent on a new opportunity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What additional cost do economists consider when calculating the true cost of college?
The potential earnings from working instead of studying
The cost of textbooks
The cost of extracurricular activities
The cost of living expenses
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a student works full-time instead of attending college, how much could they potentially earn annually?
$15,000
$10,000
$25,000
$20,000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the case study, what is the monthly cost for tuition and living expenses for a medical degree?
$2,500
$2,000
$1,500
$3,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How long does it take to complete the university education in the case study?
Four years
Five years
Seven years
Six years
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the monthly earning of the student if they choose to work in the family business?
$2,500
$3,000
$3,500
$4,000
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