Opportunity Cost Answers

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The school’s decision is an example of

explicit costs.

implicit costs.

opportunity costs.

scarcity.

A decision tree is a diagram that shows

how decisions can affect future choices.

how resource scarcity limits choices.

where resources can best be used.

which decisions are unlikely to happen.

Which lost opportunities does the city need to consider when making this decision? Choose three correct answers.

a decreased number of police

easier traffic flow

the expansion of health services

new books for a library

increased emergency room staff

increased medical costs

The additional time needed to travel over the poorly maintained roads is an example of

an explicit cost.

an implicit cost.

an opportunity cost.

a scarce resource.

A cost-benefit analysis compares the

benefit of a decision with its explicit costs only.

explicit and implicit costs of a decision.

positive effects of a decision with its costs.

opportunity costs of a decision.

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