Quiz: Opportunity Cost for Consumers, Firms, and Government
Pearson Edexcel Level 3 Advanced GCE in Economics A (9EC0)
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Welcome! You've already learned about scarcity, value judgements, and the economic problem. Now, let’s test your understanding of opportunity cost for consumers, firms, and government.
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 the {{blank0}} best alternative forgone when making a {{blank1}}.
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Match the items on the left with their correct pairs on the right
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A firm has £100,000 to invest. It can either buy new machinery (£80,000) or open a new retail store (£100,000). What is the opportunity cost of opening the store?
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Which of the following describes opportunity cost for a firm?
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Match the items on the left with their correct pairs on the right
Which decisions involve opportunity cost for a consumer? (Select all that apply)
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When a firm chooses to invest in new machinery, its opportunity cost is the {{blank0}} it could have earned from the next {{blank1}} alternative.
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