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Opportunity cost - MYP Questionbank | RevisionDojo

Practice Opportunity cost with authentic MYP MYP Individuals & Societies exam questions for both SL and HL students. This question bank mirrors Paper 1, 2, 3 structure, covering key topics like core principles, advanced applications, and practical problem-solving. Get instant solutions, detailed explanations, and build exam confidence with questions in the style of MYP examiners.

Type

Difficulty

Question 1

Mexico can produce 350 avocados while Panama can only produce 150. However, Panama might still benefit from trade because it has a lower opportunity cost in producing:

Question 2

The following diagram shows the domestic market for a good in a country that is considering opening up to international trade.

In the context of the trade diagram, what is the impact on domestic quantity demanded when a country moves from 'no trade' to 'free trade'?

Question 3

When a country moves from no trade (autarky) to free trade, the quantity demanded by domestic consumers increases from $Q_e$ to:

Imports on a Supply and Demand Diagram

Question 4

Why does consumer surplus typically increase when a country moves from 'no trade' to 'free trade' with a lower world price?

Question 5

When using the opportunity cost formula, the cost of producing one unit of Good A is calculated by dividing the __________ by the production volume of Good A.

Question 6

True or False: When a country moves from a state of no trade to free trade with a lower world price, domestic producer surplus typically increases.

Question 7

Which of the following statements about the existence of opportunity cost is correct?

Question 8

If a government decides to increase its budget for road construction, what is the most likely opportunity cost in economic terms?

Question 9

When a worker chooses a specific job, the opportunity cost of this decision includes

Question 10

When analyzing government policy, the concept of opportunity cost helps to evaluate __________ by ensuring resources are directed to their most valued use.

Type

Difficulty

Question 1

Mexico can produce 350 avocados while Panama can only produce 150. However, Panama might still benefit from trade because it has a lower opportunity cost in producing:

Question 2

The following diagram shows the domestic market for a good in a country that is considering opening up to international trade.

In the context of the trade diagram, what is the impact on domestic quantity demanded when a country moves from 'no trade' to 'free trade'?

Question 3

When a country moves from no trade (autarky) to free trade, the quantity demanded by domestic consumers increases from $Q_e$ to:

Imports on a Supply and Demand Diagram

Question 4

Why does consumer surplus typically increase when a country moves from 'no trade' to 'free trade' with a lower world price?

Question 5

When using the opportunity cost formula, the cost of producing one unit of Good A is calculated by dividing the __________ by the production volume of Good A.

Question 6

True or False: When a country moves from a state of no trade to free trade with a lower world price, domestic producer surplus typically increases.

Question 7

Which of the following statements about the existence of opportunity cost is correct?

Question 8

If a government decides to increase its budget for road construction, what is the most likely opportunity cost in economic terms?

Question 9

When a worker chooses a specific job, the opportunity cost of this decision includes

Question 10

When analyzing government policy, the concept of opportunity cost helps to evaluate __________ by ensuring resources are directed to their most valued use.

Type

Difficulty

Question 1

Mexico can produce 350 avocados while Panama can only produce 150. However, Panama might still benefit from trade because it has a lower opportunity cost in producing:

Question 2

The following diagram shows the domestic market for a good in a country that is considering opening up to international trade.

In the context of the trade diagram, what is the impact on domestic quantity demanded when a country moves from 'no trade' to 'free trade'?

Question 3

When a country moves from no trade (autarky) to free trade, the quantity demanded by domestic consumers increases from $Q_e$ to:

Imports on a Supply and Demand Diagram

Question 4

Why does consumer surplus typically increase when a country moves from 'no trade' to 'free trade' with a lower world price?

Question 5

When using the opportunity cost formula, the cost of producing one unit of Good A is calculated by dividing the __________ by the production volume of Good A.

Question 6

True or False: When a country moves from a state of no trade to free trade with a lower world price, domestic producer surplus typically increases.

Question 7

Which of the following statements about the existence of opportunity cost is correct?

Question 8

If a government decides to increase its budget for road construction, what is the most likely opportunity cost in economic terms?

Question 9

When a worker chooses a specific job, the opportunity cost of this decision includes

Question 10

When analyzing government policy, the concept of opportunity cost helps to evaluate __________ by ensuring resources are directed to their most valued use.

Opportunity cost Questionbank