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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does opportunity cost mean?
💡 Hint: Think about the option you gave up when you made your choice.
Question 2
Easy
Give an example of opportunity cost in everyday life.
💡 Hint: Consider choices you make daily and what you forfeit.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the definition of opportunity cost?
- The benefit of the chosen option
- The value of the next best alternative
- The cost of resources used
💡 Hint: Focus on what is lost when a choice is made.
Question 2
True or False: Opportunity cost applies only to financial decisions.
- True
- False
💡 Hint: Think broadly about daily choices.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A student has a choice to spend two hours studying for an exam or working at a part-time job for the same duration. Analyze the opportunity costs involved in this decision.
💡 Hint: Evaluate the benefits of each choice.
Question 2
Consider a local government deciding between funding a new sports facility or building a library. Discuss the opportunity costs involved in this decision.
💡 Hint: Focus on the benefits each option provides.
Challenge and get performance evaluation