Opportunity Cost Challenge

Froggy Jumps

(4)

Parties jouées 223 %Précision 76 Temps moyen 00:35

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Understand opportunity cost

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Julie

Australia

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Opportunity Cost Challenge


Froggy Jumps Opportunity Cost ChallengeVersion en ligne Understand opportunity cost par Julie 1 What is opportunity cost in production? a The total fixed costs b The market price of a product c The value of the next best alternative forgone 2 Which resources are classic factors of production? a Stock and debt b Land, labour, and enterprise c Capital and interest 3 Why is it hard to make cheap cars? a Low demand b High production and material costs c Excessive competition 4 What does opportunity cost explain for a clothing firm? a Its tax liability b Its branding expense c What it sacrifices by not choosing the best option 5 If pants cost more to make than shirts but sell for more, what should a firm do? a Choose the option with the higher net benefit b Never consider costs c Always produce the cheaper item 6 What does the term ‘cost of production’ include? a Only wages b All resources used to make goods or services c Only raw materials 7 Which of the following best describes ‘enterprise’ in factors of production? a The risk-taking and management ability b The land used for production c The machinery used 8 How does opportunity cost affect pricing decisions? a It helps compare benefits of alternative uses of resources b It fixes interest rates c It sets the tax base 9 Why might a business choose not to produce a certain item? a Because it is illegal b Because workers are unavailable c Because the forgone option has a higher payoff 10 What does analysing opportunity cost help us do? a Evaluate losses and gains from choices b Determine market saturation c Calculate depreciation

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Opportunity Cost Challenge

Froggy Jumps

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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Opportunity Cost ChallengeVersion en ligne

par Julie

What is opportunity cost in production?

Which resources are classic factors of production?

Why is it hard to make cheap cars?

What does opportunity cost explain for a clothing firm?

If pants cost more to make than shirts but sell for more, what should a firm do?

What does the term ‘cost of production’ include?

Which of the following best describes ‘enterprise’ in factors of production?

How does opportunity cost affect pricing decisions?

Why might a business choose not to produce a certain item?

What does analysing opportunity cost help us do?