Opportunity Cost Practice Questions Mr Lindquists ECONOMICS Opportunity

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Opportunity Cost Practice Questions Mr. Lindquist’s ECONOMICS

Opportunity Cost Practice Questions Mr. Lindquist’s ECONOMICS

Opportunity Cost #1 Instead of going home right after school to do homework, Alex

Opportunity Cost #1 Instead of going home right after school to do homework, Alex goes to cross country practice. What is her opportunity cost?

Opportunity Cost #2 Benjamin really likes eating but he also enjoys napping. He has

Opportunity Cost #2 Benjamin really likes eating but he also enjoys napping. He has 3 hours of free time in the afternoon and he decides to take a nap. What is his opportunity cost?

Opportunity Cost #3 It's Trigger's birthday and he gets to pick out a new

Opportunity Cost #3 It's Trigger's birthday and he gets to pick out a new toy. He has to choose between a new ball and a new water toy. What is his opportunity cost based on the picture below?

Opportunity Cost #4 Mary wants to get tickets to see Pooh Bear on Ice,

Opportunity Cost #4 Mary wants to get tickets to see Pooh Bear on Ice, but they cost the same as the video biography of Robert Pattinson from Twilight. She weighs her options and realizes that Pooh on Ice is better than a vampire. What's her opportunity cost?

Opportunity Cost #5 It takes 1 hour to fly from Lansing to Chicago, and

Opportunity Cost #5 It takes 1 hour to fly from Lansing to Chicago, and airline tickets cost $300. It takes 5 hours by train and tickets cost $50. If you decide to take the flight, what is your opportunity cost? If you take the train, what is your opportunity cost?

Opportunity Cost #6 Use opportunity cost to explain why farmers often wait until a

Opportunity Cost #6 Use opportunity cost to explain why farmers often wait until a rainy day to do errands in town, while a man in a new suit will decide to forego his errands on the same day.

Opportunity Cost #7 Use opportunity cost to explain why a highly talented person who

Opportunity Cost #7 Use opportunity cost to explain why a highly talented person who travels a lot might hire a chauffeur.

Opportunity Cost #8 Use opportunity cost to explain why businessmen often buy fullfare airline

Opportunity Cost #8 Use opportunity cost to explain why businessmen often buy fullfare airline tickets while people planning vacations fly when rates are lowest.

Opportunity Cost #9 Use opportunity cost to explain why Americans today find themselves much

Opportunity Cost #9 Use opportunity cost to explain why Americans today find themselves much more pressed for time than their great -grandparents were, despite the fact that we have so many machines and appliances that save us labor and time.

Opportunity Cost #10 Use opportunity cost to explain why movie stars, fashion models, and

Opportunity Cost #10 Use opportunity cost to explain why movie stars, fashion models, and rock singers have higher divorce rates than the rest of the American population.

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Opportunity Cost and Production Possibilities Overheads Opportunity CostOpportunity Cost and Production Possibilities Overheads Opportunity Cost
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Opportunity Cost The opportunity cost of a choiceOpportunity Cost The opportunity cost of a choice
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Opportunity Cost The opportunity cost of roses AOpportunity Cost The opportunity cost of roses A
Maintenance Cost Maintenance Cost Total Cost Maintenance costMaintenance Cost Maintenance Cost Total Cost Maintenance cost
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OPPORTUNITY COST FUNDAMENTAL COST PRINCIPLE IN ECONOMICS MEASURESOPPORTUNITY COST FUNDAMENTAL COST PRINCIPLE IN ECONOMICS MEASURES
Scarcity and Opportunity Cost Staker ECONOMICS n EconomicsScarcity and Opportunity Cost Staker ECONOMICS n Economics