opportunity cost questions quizlet

Practice question with answers. I. Academic year. The opportunity cost of the new product design is increased cost and inability to compete on price. Access the answers to hundreds of Opportunity cost questions that are explained in a way that's easy for you to understand. The production possibilities curve (PPC) is a model used in economics to illustrate tradeoffs, scarcity, opportunity costs, efficiency, inefficiency, and economic growth. After you have finished the quiz, click on the Grade my Quiz button at the bottom of the page. Opportunity cost is equal to implicit costs plus explicit costs. Practice Questions 2 - Opportunity Cost and Trade. Opportunity cost is often used by investors to compare investments, but the concept can be applied to many different scenarios. 2. b) I c) III only. a) I, II and III. Also explore over 4 similar quizzes in this category. Select the correct answer by clicking on the appropriate button. Which of the following statements about opportunity cost is TRUE? What if we change the price of the burger to $1? Swinburne University of Technology. Modern economists have rejected the labor and sacrifices nexus to represent real cost. d) I and III only. These questions are from Chapter 1 Section 2. Also explore over 4 similar quizzes in this category. Opportunity Cost. University. Get help with your Opportunity cost homework. Opportunity cost accounts for alternative uses of resources such as time and money. III. Directions This quiz contains 15 multiple choice questions. Abilities vs Abilities The opportunity cost of after school violin lessons at a particular school is the ability to join other after school activities such as baseball or the chess club. Quiz on the PPC, Opportunity Cost, and the Gains from Trade. Opportunity Cost. Try this amazing Trade Offs Opportunity Cost Quiz quiz which has been attempted 290 times by avid quiz takers. Quizlet - Hotkeys to Search Flash Cards by Accuracy - Press the 1-2-3-4 number keys to navigate large decks easily. Opportunity cost only measures direct monetary costs. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2232 times by avid quiz takers. Recognizing opportunity cost is useful to decision making in an economic setting as well as in life. Course. II. Economic Principles (ECO10004) Uploaded by. 2017/2018 Your score is neither recorded nor transmitted to your instructor. For example, the opportunity cost of the burger is the cost of the burger divided by the cost of the bus ticket, or [latex]\frac{$2.00}{$0.50}=4[/latex] The opportunity cost of a bus ticket is: [latex]\frac{$0.50}{$2.00}=0.25[/latex] Let’s look at this in action and see it on a graph. If your friend chooses to quit work for a whole year to go back to school, for example, the opportunity cost of this decision is the year’s worth of lost wages. Dayne Lee.

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