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Marginal Social Costs & Marginal Social Benefits

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question 1 of 3

What is an opportunity cost?

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1. The increased benefit related to a decision made to consume one more unit of something is called the:

2. An example of an external cost is:

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About This Quiz & Worksheet

Take time to complete our worksheet and quiz so you can gauge your knowledge of marginal social costs and marginal social benefits. Different types of costs are topics addressed on the quiz.

Quiz & Worksheet Goals

The goals of these resources are to check your knowledge of the following topics:

  • How to calculate marginal social benefit
  • An example of an external benefit regarding education
  • Definition of opportunity cost
  • Example of external cost

Skills Practiced

  • Information recall - access the knowledge you have gained regarding the meaning of opportunity cost
  • Knowledge application - use your knowledge to calculate the marginal social benefit
  • Reading comprehension - ensure that you pick out the most important details from the lesson on marginal social costs and benefits

Additional Learning

Learn more about these topics using the lesson, Marginal Social Costs & Marginal Social Benefits. This resource can help you with the following goals:

  • Determine why marginal social costs are analyzed
  • Learn how to identify external costs and benefits
  • See how opportunity cost is used
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