Practice Opportunity Cost - 20.3.1 | 20. Cost Accounting Basics – Types of Costs | Management 1 (Organizational Behaviour/Finance & Accounting)
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20.3.1 - Opportunity Cost

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What does opportunity cost refer to?

💡 Hint: Think about what you give up when you make a choice.

Question 2

Easy

Provide an example of opportunity cost.

💡 Hint: Consider decisions about your time.

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 does opportunity cost represent?

  • A. The profit earned
  • B. The benefit lost from the next best alternative
  • C. The cost of resources

💡 Hint: Think about alternatives you consider before deciding.

Question 2

True or False: Opportunity cost only refers to financial loss.

  • True
  • False

💡 Hint: Consider other factors beyond money.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company has to decide between investing ₹1,000,000 into research and development or marketing. Calculate the opportunity cost if the expected return on R&D is ₹200,000 and from marketing is ₹300,000.

💡 Hint: Compare the potential returns from both options.

Question 2

If a student spends four years in college for a degree while having had the opportunity to work full-time earning ₹500,000 annually, calculate the total opportunity cost assuming the degree leads to a ₹700,000 per year job afterwards.

💡 Hint: Take into account the total income over the four years versus what the degree leads to.

Challenge and get performance evaluation