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Subjects · Leaving Cert Economics

Leaving Cert Economics: Scarcity & opportunity cost

How often Scarcity & opportunity cost comes up on the Economics papers, every year it was asked, and questions to try.

HL Asked on 3 of the last 5 Higher Level papers, most recently in 2024. most years

OL Asked on 4 of the last 5 Ordinary Level papers, most recently in 2025. most years

Scarcity & opportunity cost, Higher Level(7 marks)

Quick ones on Scarcity & opportunity cost.

(a)Opportunity cost is best defined as…
  1. The money price paid for a good
  2. The next best alternative foregone
  3. The total of all alternatives given up
(b)A point outside a country's production possibility frontier (PPF) shows output that is…
  1. Efficient, using all resources fully
  2. Inefficient, with some resources idle
  3. Unattainable with current resources
(c)A country moves along its PPF from 100 to 140 units of food, and computers fall from 60 to 50. Opportunity cost of the 40 extra food?
  1. 10 computers
  2. 50 computers
  3. 40 computers
Show the answers

(a) The next best alternative foregone

(b) Unattainable with current resources

(c) 10 computers

Your turn: Higher Level questions on Scarcity & opportunity cost.

Higher Level

Asked on 3 of the last 5 Higher Level papers, most recently in 2024. most years

Every paper, year by year

YearWhere it came up
2025Not asked
2024Q9
2023Q5, Q9
2022Q10, Q11
2021Not asked

Links open the State Examinations Commission’s paper for that year.

More Scarcity & opportunity cost questions

Scarcity & opportunity cost, 2 marks

The State gives a grant to households that insulate their homes. This is an example of…

  1. A negative incentive
  2. A price ceiling
  3. A positive incentive
Show the answer

A positive incentive

A positive incentive rewards a choice (a grant, a tax credit); a negative incentive penalises one (a tax, a fine). Both are used to steer how scarce resources are used.

Ordinary Level

Asked on 4 of the last 5 Ordinary Level papers, most recently in 2025. most years

Every paper, year by year

YearWhere it came up
2025Q2, Q4
2024Not asked
2023Q9, Q16
2022Q8, Q14
2021Q14, Q15

Links open the State Examinations Commission’s paper for that year.

More Scarcity & opportunity cost questions

Scarcity & opportunity cost, 2 marks

Opportunity cost is best defined as?

  1. The money price paid for a good
  2. The total cost of all choices made
  3. The next best alternative foregone
Show the answer

The next best alternative foregone

Every choice means giving something up. The opportunity cost is the single best option you did not choose. It is not the same as the price paid.

Scarcity & opportunity cost, 2 marks

Why must people and governments make choices?

  1. The supply of money in the economy is fixed
  2. Resources are scarce but wants are unlimited
  3. Prices are set by the government for all goods
Show the answer

Resources are scarce but wants are unlimited

Scarcity is the basic economic problem. Land, labour, capital and enterprise are limited, so not every want can be met and choices must be made.

Scarcity & opportunity cost, 3 marks

Aoife works a shift for €80 instead of going to a concert. Her opportunity cost of working is?

  1. The concert she missed
  2. The €80 she earned
  3. Her bus fare to work
Show the answer

The concert she missed

The opportunity cost of working is the best thing given up, which is the concert. The €80 is the benefit of working, not its cost.

Other Economics topics

All of Leaving Cert Economics