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Year 11 Exam  >  Year 11 Tests  >  Economics for GCSE/IGCSE  >  Test: Opportunity Cost - Year 11 MCQ

Test: Opportunity Cost - Year 11 MCQ


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10 Questions MCQ Test Economics for GCSE/IGCSE - Test: Opportunity Cost

Test: Opportunity Cost for Year 11 2024 is part of Economics for GCSE/IGCSE preparation. The Test: Opportunity Cost questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Opportunity Cost MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Opportunity Cost below.
Solutions of Test: Opportunity Cost questions in English are available as part of our Economics for GCSE/IGCSE for Year 11 & Test: Opportunity Cost solutions in Hindi for Economics for GCSE/IGCSE course. Download more important topics, notes, lectures and mock test series for Year 11 Exam by signing up for free. Attempt Test: Opportunity Cost | 10 questions in 20 minutes | Mock test for Year 11 preparation | Free important questions MCQ to study Economics for GCSE/IGCSE for Year 11 Exam | Download free PDF with solutions
Test: Opportunity Cost - Question 1
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What is the definition of opportunity cost?

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Opportunity cost refers to the value of the next best alternative that must be forgone when a decision is made to pursue one option over another.
Test: Opportunity Cost - Question 2
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When making decisions, what does the concept of opportunity cost help individuals and businesses understand?

Detailed Solution for Test: Opportunity Cost - Question 2
Understanding opportunity cost helps individuals and businesses comprehend the scarcity of resources and the need to allocate them efficiently.
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Test: Opportunity Cost - Question 3
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Which of the following best describes how opportunity cost relates to decision making in economics?

Detailed Solution for Test: Opportunity Cost - Question 3
Opportunity cost helps ensure that resources are allocated efficiently and used effectively in decision making.
Test: Opportunity Cost - Question 4
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What is an example of an opportunity cost for a business deciding to expand production?
Detailed Solution for Test: Opportunity Cost - Question 4
The opportunity cost in this scenario would be the potential profits that could have been earned from investing resources elsewhere.
Test: Opportunity Cost - Question 5
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How does understanding opportunity cost influence consumer choices?
Detailed Solution for Test: Opportunity Cost - Question 5
Understanding opportunity cost encourages consumers to make more informed choices, considering what they give up when choosing one option over another.
Test: Opportunity Cost - Question 6
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In economic terms, what does opportunity cost represent?
Detailed Solution for Test: Opportunity Cost - Question 6
Opportunity cost represents the utility or satisfaction that could have been obtained from choosing the next best alternative.
Test: Opportunity Cost - Question 7
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When a country decides to allocate resources to healthcare instead of infrastructure development, what is the opportunity cost?
Detailed Solution for Test: Opportunity Cost - Question 7
The opportunity cost is better roads and transportation infrastructure that could have been developed with the resources allocated to healthcare.
Test: Opportunity Cost - Question 8
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How does opportunity cost affect personal financial decisions?
Detailed Solution for Test: Opportunity Cost - Question 8
Opportunity cost encourages individuals to consider investing their money wisely, understanding what they might forego in terms of potential returns.
Test: Opportunity Cost - Question 9
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What role does opportunity cost play in international trade decisions?
Detailed Solution for Test: Opportunity Cost - Question 9
Opportunity cost affects international trade decisions by influencing what goods a country chooses to import or export based on comparative advantage.
Test: Opportunity Cost - Question 10
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Why is opportunity cost considered a crucial concept in economic analysis?
Detailed Solution for Test: Opportunity Cost - Question 10
Opportunity cost ensures efficient resource allocation by helping economists and policymakers understand the trade-offs involved in decision making.
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