Worksheets1.3 Opportunity cost
Total questions: 15
Worksheet time: 11mins
What is trade-off?
Your choice
What you give up to make a choice
How much money you pay
The willingness to give something away
What is scarcity?
Having too many resources
Not having enough resources
Need to make a choice
What is opportunity cost?
Your first choice
Your final choice
How much more money you pay
The last you would give up to make a choice
The Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their backyard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision?
vacation
swimming pool
backyard
money
Emelia has been invited to a sleepover at Chloe’s house for this Saturday. Emelia has tickets to see her favorite band in concert that same night. She decides to give the tickets to her sister and go to Chloe’s house. What is the opportunity cost of her decision?
seeing her favorite band
spending time at a friends house
Chloe's house
a sleepover
Max is studying for his spelling test. Unfortunately, his favorite TV program is on right now. If he studies for the test, he will miss watching the show. Max decides to study for his test instead of watching TV. What is the opportunity cost of his decision?
studying for a test
watching TV show
spelling test
nothing
The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. The officials decide to build a skate park. What is the opportunity cost of their decision?
new skate park
more computers
local government
public library
The economic problem is that
resources are limited and wants are limited.
resources are unlimited and wants are limited.
resources are limited and wants are unlimited.
resources are unlimited and wants are unlimited.
The opportunity cost of a good is
its price in dollars and cents.
the alternative goods forgone.
the price of alternative goods foregone.
none of the other options
A firm operating at 'X' produces 70 whips and 60 saddles. It changes production to 'Y' producing 20 whips and 90 saddles. The opportunity cost of this production change is
20 whips
30 saddles
50 whips
60 saddles
The opportunity cost of Australian households moving away from coal-powered energy to solar-powered energy includes
the loss of jobs in the coal industry
a cleaner environment
reduced coal production
Because of scarcity, people are forced to make _________ about how to use resources.
choices
opportunities
analyses
investments
What name is given to the value of the next best alternative that you give up when you make a decision?
trade-offs
opportunity cost
lost opportunities
options
You win a football match ticket that worth $100, but need to pay 25% tax. What is the opportunity cost if you choose to stay home and watching a TV show that you need to pay $20 rather than going to the football match?
$125
$100
$95
$75
