Quiz

Quiz: Opportunity Cost

Cambridge OCR Level 3 Advanced GCE in Business H431

11 Steps9 Questions

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Building on what you've learned about business objectives and decision-making, let's explore the concept of opportunity cost!

Multiple ChoiceInteractive

What is the definition of opportunity cost?

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Which of the following are examples of opportunity cost? (Select all that apply)

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Opportunity cost is important because it helps businesses make {{blank0}} decisions by considering what they {{blank1}}.

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Match the items on the left with their correct pairs on the right

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A company has £10,000 to invest. If they choose Project A (£10,000 profit) over Project B (£12,000 profit), what is the opportunity cost?

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Match the items on the left with their correct pairs on the right

Multiple ChoiceInteractive

Which of the following is NOT an example of opportunity cost?

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Opportunity cost is a key concept in {{blank0}} because resources are always {{blank1}}.

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What are the main factors to consider when assessing opportunity cost? (Select all that apply)

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Why is opportunity cost considered a 'trade-off'?

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