Opportunity cost

Flashcard
•
Business, Other
•
9th - 10th Grade
•
Hard
Abdullah Khawlany
FREE Resource
Student preview

10 questions
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1.
FLASHCARD QUESTION
Front
A farmer decides to grow potatoes instead of wheat. What is the opportunity cost of growing the potatoes?
Back
the output of wheat
2.
FLASHCARD QUESTION
Front
Opportunity cost of using land only for farming when shale oil extraction is an option.
Back
$35 billion
3.
FLASHCARD QUESTION
Front
Why is the pay of doctors usually higher than the pay of hospital cleaners?
Back
Doctors have a higher opportunity cost in qualifying
4.
FLASHCARD QUESTION
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
5.
FLASHCARD QUESTION
Front
What is the opportunity cost of opening more golf courses in China, which use large quantities of water?
Back
loss of farmland
6.
FLASHCARD QUESTION
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.
7.
FLASHCARD QUESTION
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
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