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Opportunity cost: Quiz


Question 1: In some cases it may be possible to have more of everything by making different choices; for instance, when an economy is within its ________.
Production-possibility frontierNeoclassical economicsWelfare economicsEconomics

Question 2: Opportunity cost has been seen as the foundation of the ________ as well as the theory of time and money.
EconomicsMarginalismNeoclassical economicsMarginal utility

Question 3: A person who invests $10,000 in a stock denies herself or himself the ________ that could have accrued by leaving the $10,000 in a bank account instead.
Credit (finance)DebtInterestBond (finance)

Question 4: The consideration of opportunity costs is one of the key differences between the concepts of economic cost and ________.
AssetConstant Purchasing Power AccountingHistorical costEquity (finance)

Question 5: If a ________ decides to build a hospital on vacant land it owns, the opportunity cost is the value of the benefits forgone of the next best thing that might have been done with the land and construction funds instead.
MunicipalityCityIndependent cityTown

Question 6: In the case where there is no explicit accounting or monetary cost (________) attached to a course of action, or the explicit accounting or monetary cost is low, then, ignoring opportunity costs may produce the illusion that its benefits cost nothing at all.
PricePricingMarginal utilityAustrian School

Question 7: The concept of an opportunity cost was first developed by ________.
Immanuel KantPlatoJohn Stuart MillJeremy Bentham

Question 8: In microeconomic models this is unusual, because individuals are assumed to maximise utility, but it is a feature of ________ macroeconomics.
CapitalismKeynesian economicsJohn Maynard KeynesSupply-side economics


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