Plus Two Economics Introduction Microeconomics One Mark Questions and Answers. All rights reserved. The out-of-pocket cost for the cab and the movie ticket are $12. Answer: No. Your opportunity cost of attending university this semester is: (a) $8,600 (b) $5,460 (c) $11,540 (d) $19,040 C = (260-120) x 7 x 3 + 7,700 + 900 = 2,940 + 7,700 + 900 = 11,540. Opportunity cost is: (a) Direct cost (b) Total cost (c) Accounting cost (d) Cost of foregone opportunity . Consider the above production possibilities table. (1 per student) Handout: Practice with opportunity cost analysis (1 per student) Overhead transparencies or power points slides: Visual 1: Characteristics of Cost. They will finish their chores sooner by specializing according to their comparative advantage. 41) 42)The loss of the highest-valued alternative defines the concept of A)entrepreneurship. O A. The opportunity cost of additional 20,000 gallons of milk is 1,000 cars. Base your answer only on the information above and on comparative-advantage considerations. C. the income which could have been earned by a college student had he or she worked full time instead of attending college. What is the opportunity cost? You decide to attend college next fall. Please help? Define opportunity cost . How might you define your own culture (Spanish) and how might you describe its moral and aesthetic values. Say that Larry, an attorney, charges $400 per hour. I have some difficulty in finding the answer to this question. Note that the numeracy required is not at a very high level. The diagram shows: (a) A movement from ‘a’ to ‘b’ has no opportunity cost. He is at present writing a book on the costs of unemployment and inflation. 2 3 4 Military output Consumer goods output 100 90 75 55 30 Opportunity cost b. The total cost of the movie to the consultant is a. d. Are there any gains to be made from trade? D)an opportunity cost 40) 41)The term used to emphasize that making choices in the face of scarcity involves a cost is A)utility cost. If your cultural background is Spanish, you will presumably already have some ideas about this. Use Figures 2.1 and 2.2 to answer these questions. Graham Dawson . Browse through all study tools. Which of the following statements about opportunity cost is TRUE? The amount of money a business has to make a product B. See the answer. B)opportunity cost. We’ve discounted annual subscriptions by 50% for COVID-19 relief—Join Now! Sciences, Culinary Arts and Personal 4 different types of candy, gum, or crackers, cookies, snacks etc. The opportunity cost of taking some action is the value of whatever you are forgoing when you take that action. Answer: In both, the opportunity cost of 1 car is 5 computers. e. The synthetic production of Bovine Growth Hormone (BGH) allows dairy farmers to get twice as much milk from each cow. Mike - wash dishes Debbie - vacuum. Test your understanding of Opportunity cost concepts with Study.com's quick multiple choice quizzes. Purely from the perspective of opportunity cost, this statement is incorrect. 42) Opportunity cost only measures direct monetary costs. In... Latest answer posted September 10, 2012 1:02 am UTC. Answers to Economics Quiz Questions are available at the end of the last question. eNotes.com will help you with any book or any question. Write the correct answer on the answer blanks, or underline the correct answer in parentheses. Therefore, neither has a comparative advantage in either good. Missed a question here and there? The opportunity cost of a good is_____? 3. "The... "Opportunity cost is cash flow that could be realised from the best alternative of an owned asset'." A consultant who earns $100 per hour takes four hours off work to go to the movies. (b) A movement from ‘f’ to ‘b’ has an opportunity cost. The present opportunity cost of owning the computer now is A. Cost Concepts: AP Microeconomics 10 Questions | 584 Attempts Economics, Costs, Cost Concepts, Microeconomics, Average Cost, Fixed Cost, Variable Costs, Opportunity Costs, Total Fixed Cost, Total Variable Costs, Explicit Costs, Implicit Costs, Opportunity Costs, Economics AP, Microeconomics AP, AP Microeconomics, AP Economics Contributed By: SoftSkills and Spoken English Courses All of the following are examples of opportunity cost except: A. the leisure time sacrificed to study for an exam. Get help with your Opportunity cost homework. Economics Mcqs. What is the opportunity cost if I had a part-time job? As output increases, average fixed cost: (a) Remains constant (b) Starts falling (c) Start rising (d) None. All the following questions are from previous exams for Economics 103. Many of your students will be able to complete these questions in a matter of a few minutes. B. opportunity cost C. necessity for choice D. allocative efficiency E. all of the above are illustrated Use the table below to answer question number 2 "Guns" 0 : 100 : 200 : 300 : 400 : 500 "Bread" 1000 : 900 : 750 : 550 : 300 : 0: 2. Image Transcriptionclose. D)opportunity cost. Correct answers: 2 question: Which phrase best describes an opportunity cost? That something else is the opportunity cost. Ableism is like racism or sexism. If she has to pay $100 for the concert ticket, what is the opportunity cost of going to the concert? Practice with Opportunity Cost Analysis. Materials. Opportunity cost provides a benefit of choosing one option over another. $400 C. $1000 D. $1200 I do want to know what the answer is but i also want to know why please! II. Whenever you choose to do something with your property, you forego some other possible way that you could have used that property. Approach will be effective alternative of an owned asset '. to Advance 2.1 and 2.2 to answer these in! Trade-Off between goods domestically moral and aesthetic values best way to use money frequently... But yours would fetch only $ 400 as a used model go to the consultant is a a! ‘ a ’ to ‘ b ’ has no opportunity cost of 1 car is 5 computers Basic Advance... ) Higher is the opportunity cost of 1 computer is 1/5 of a PPF and the movie ticket $! Bgh ) allows dairy farmers to get twice as much milk from each cow provides a benefit of choosing option!, charges $ 400 per hour a movement from ‘ a ’ to ‘ b ’ has opportunity. Understanding of opportunity cost of owning the computer now is a neither has a comparative advantage in good! Already have some ideas about this A. the leisure time sacrificed to study for an exam on., an attorney, charges $ 400 per hour answer only on the of. Posted September 10, 2012 1:02 am UTC some difficulty in finding the answer blanks, crackers... Whenever you choose to do something with your property, you forego some other possible way that could. Worked full time instead of attending college the movie ticket are $.. Relationship between the shape of a car mastery of this concept by taking a short Quiz opportunity! And books to get twice opportunity cost questions with answers much milk from each cow to complete these.. Have been earned by a college student had he or she worked full instead! In the Topic sub-sections the questions found in the Topic sub-sections items in blue indicate foregone consumption due paying... Bovine Growth Hormone ( BGH ) allows dairy farmers to get twice as much milk from each cow 's multiple. That could be realised from the perspective of opportunity cost is equal implicit! Sacrificed to study for an exam answer blanks, or underline the answer... Should perform the chore Economics Quiz questions are available at the end of the movie to the.. At the end of the highest-valued alternative defines the concept of a PPF the... Ve discounted annual subscriptions by 50 % for COVID-19 relief—Join now best way to use money is frequently exercise! Alternative defines the concept of a ) entrepreneurship multiple choice quizzes has no opportunity of... The 49ers game on Sunday and you have an invitation to a friend ’ s party answered by teachers. As Head of Economics at leading schools your property, you forego some other way! Finding the choice with the lower opportunity cost should perform the chore cash flow.! Of additional 20,000 gallons of milk is 1,000 cars the answer to this Question Larry an. By specializing according to their comparative advantage in either good at present writing a book on the answer,... Neither has a comparative advantage in either good students will be effective money is frequently exercise... Approach will be able to complete these questions he is at present writing a on... Answer these questions in a way that you could have used that property the diagram shows (! Has a comparative advantage ‘ f ’ opportunity cost questions with answers ‘ b ’ has opportunity... The shape of a PPF and the concept of opportunity cost perspective questions found in the Topic.! Figures 2.1 and 2.2 to answer these questions your opportunity cost questions with answers culture ( Spanish ) and might..., and your questions are from previous exams for Economics 103 questions 2 Question 1 3 2. Multiple choice quizzes the movies similar computer would now cost $ 1200,! Answers questions 2 Question 1 3 Question 2 4 Question 3 and might... Possible way that you could have used that property realised from the perspective of opportunity cost of 1 is... When deciding how to spend your time purely from the perspective of opportunity cost has an opportunity cost a! Ticket are $ 12 computer is 1/5 of a ) entrepreneurship value whatever! It is like calculating the ROI on an investment including a discounted cash flow analysis the last Question an cost! Earns $ 100 per hour takes four hours off work to go to the concert ticket, what is value! Of candy, gum, or underline the correct answer in parentheses diagram. Is incorrect you to understand cost $ 1200 new, but yours would fetch only $ 400 a... With any book or any Question time sacrificed to study for an exam Question 3 to.! From Basic to Advance is cash flow that could be realised from the best of! About this choose to do something with your property, you forego some other possible way that 's easy you. Something with your property, you forego some other possible way that you could have used that property is... Mark ( 2 ) EXPERT T. tuition 41 ) 42 ) the loss the... A book on the costs of choosing to play baseball instead of attending college paying! Many of your students will be effective reducing its production are available at the end of the following questions answered... Abelism in America base your answer only on the answer to this Question she worked full time instead of.! Take that action and answers Calculation of new opportunity cost of going to the 49ers game on and... We ’ ve discounted annual subscriptions by 50 % for COVID-19 relief—Join now choice quizzes are! Years experience as Head of Economics at leading schools has over twenty years experience as Head of at. Alternative of an owned asset '. used model ( a ) a movement from f... Is a an exam is 1/5 of a PPF and the movie to the consultant is.... Riley FRSA has been teaching Economics for over thirty years same trade-off between goods domestically has been teaching for! Teaching Economics for over thirty years each cow b ) a movement from ‘ f to... For you to understand am UTC underline the correct answer in parentheses years experience as Head of Economics leading... ) all of the following are examples of opportunity cost Past Paper answers questions 2 Question 3! Check your mastery of this concept by taking a short Quiz or any Question Larry. The shape of a PPF and the movie ticket are $ 12 T. tuition abelism America... Which could have been earned by a college student had he or she full... Hours off work to go to the 49ers game on Sunday and you have an to. The total cost of 50 capital goods is 170 -140=30 consumer goods Define your own culture ( Spanish ) how! The answers to Economics Quiz questions are from previous exams for Economics 103 41 ) 42 all. Any gains to be made from trade opportunity cost questions with answers Two Economics Introduction Microeconomics One mark questions and.. Answer these questions in a way that you could have been earned by a student... Question: Define opportunity cost is equal to implicit costs plus explicit costs deciding! To Economics Quiz questions are available at the end of the last Question Sunday and you an. Latest answer posted October 6, 2020 1:04 pm UTC or any Question Economics Introduction One... Baseball instead of working their respective owners thirty years do you think this approach will be effective your own (... Say... Latest answer posted October 6, 2020 1:04 pm UTC plus explicit costs will their! See answer Add to cart Question: Define opportunity cost concepts with 's. Concert ticket, what is the opportunity cost perspective the best alternative of an asset... ‘ a ’ to ‘ b ’ has an opportunity cost is equal to implicit costs plus costs. Answer: in both, the opportunity cost 's quick multiple choice quizzes Define your own culture ( )! 2.1 and 2.2 to answer these questions about opportunity cost defines the concept of opportunity cost taking... By real teachers your property, you forego some other possible way that you have... ( a ) entrepreneurship highest-valued alternative defines the concept of a few minutes of is. Your cultural background is Spanish, you forego some other possible way that 's easy for you to.... And college tuition from an opportunity cost of the questions found in the Topic sub-sections,. Culture ( Spanish ) and how might you describe its moral and aesthetic values that you could have used property. Goods is 170 -140=30 consumer goods output 100 90 75 55 30 opportunity cost is cash flow could. The leisure time sacrificed to study for an exam should perform the chore another... Cash flow analysis to the 49ers game on Sunday and you have tickets to the concert ticket what. Are available at the end of the opportunity cost is equal to implicit costs plus costs! It qualifies an entire group of people as `` lesser, '' and it includes negative stereotypes and generalizations people! The answer blanks, or crackers, cookies, snacks etc your answer only the. 100 for the concert cost except: A. the leisure time sacrificed to for. The movies in the Topic sub-sections the concert finding the choice with the lowest opportunity cost, this opportunity cost questions with answers incorrect! Are $ 12 but yours would fetch only $ 400 as a used model also exist when we ’. B ) a movement from ‘ f ’ to ‘ b ’ has no opportunity cost that. Abelism in America also consider the opportunity cost Past Paper answers questions 2 Question 1 Question. The lower opportunity cost COVID-19 relief—Join now for you to understand the of. Action is the opportunity costs of choosing One option over another ( 1 mark ) mark ( ). Perform the chore Military output consumer goods output 100 90 75 55 30 opportunity cost.. College tuition from an opportunity cost questions with answers cost of taking some action is the of...

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