Subsection 1.3. Opportunity cost for Economics, O Level - revisedeck

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1.3. Opportunity cost

A subsection of Economics, 2281, through 1. The basic economic problem

Listing 10 of 58 questions

What is an opportunity cost for a consumer spending money on a holiday?

2281_w21_qp_12

MCQ

2021

Paper 1, Variant 2

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What is opportunity cost?

2281_w24_qp_12

MCQ

2024

Paper 1, Variant 2

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A government intends to build a new international airport in an area of outstanding natural beauty. What would be an external cost of this decision?

2281_w24_qp_12

MCQ

2024

Paper 1, Variant 2

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The diagram shows the choices for an individual between leisure and earnings. earnings $ hours of leisure per day X Y What is the opportunity cost to the individual of the extra earnings when moving from position X to position Y?

2281_w24_qp_13

MCQ

2024

Paper 1, Variant 3

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In a mixed economy, resources are used as a result of A the decisions of consumers only. B the decisions of firms only. C the decisions of consumers and firms. D the decisions of consumers, firms and government.

2281_s08_qp_1

MCQ

2008

Paper 1, Variant 0

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An area attracts tourists to see rare animals but the tourists have few hotels in which to stay. The local government has given permission for a developer to build a hotel. Conservationists say that the area will be ruined as the animals will move away and the nature of the area will be changed. What is likely to happen as a result of this decision to the private benefit of the tourists and the external cost?

2281_s14_qp_11

MCQ

2014

Paper 1, Variant 1

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An airline upgrades its services by providing bigger aircraft. The airline claims it will reduce catering waste and lower carbon (CO2) emissions per passenger journey although fares may rise. What is a private cost and an external benefit of this decision?

2281_s19_qp_12

MCQ

2019

Paper 1, Variant 2

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Why do consumers have to make choices when spending their income?

2281_w20_qp_13

MCQ

2020

Paper 1, Variant 3

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Questions Discovered

58