opportunity cost questions and answers

After you have finished the quiz, click on the Grade my Quiz button at the bottom of the page. answer choices . The answer … The manufacturing opportunity curve shows different combinations of output: consumers like to consume. In addition, however, the presentation team should answer the following questions for their presentation: All costs lie in … 80 60 50 ... structured question to answer in an examination, it is important to ensure that you can answer all the question parts. FAQs - opportunity cost Define the concept of opportunity cost. If he went to college, he would have to live near the college where the average monthly rent would be $700. These questions are from Chapter 1 Section 2. This is very simple. Opportunity costs are truly everywhere, and they occur with every decision we make, whether it’s big or small. Opprotunity Cost. Question 1 . Opportunity Cost is best defined as. You decide to buy the pants. The opportunity cost of the new design of the product will be the increased cost and its inability to compete on price. Let us now do the same Opportunity Cost example in Excel. The opportunity cost of producing 80m capital goods. Practice Questions 2 - Opportunity Cost and Trade. answer choices Opportunity cost is the value of something when a particular course of action is chosen. Student presentations should identify opportunity cost, as per the discussion questions. Simply put, the opportunity cost is what you must forgo in order to get something. b. The opportunity cost of increasing the output of consumer goods from 60m to 90m consumer goods. The last option is the most attractive, so Cliff should be the first who is assigned to do the posters. Tags: ... Q. c. You decide to play baseball this spring instead of working at a part-time job. University. Productivity. You are in a clothing store and like a pair of pants and a T-shirt. The cost of opportunity is the worst of the various alternatives to be abandoned when the choice is made in the face of scarcity. Academic year. Select the correct answer by clicking on the appropriate button. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2232 times by avid quiz takers. The opportunity cost is the part-time job. Practice question with answers. Supply and Demand. In the case of Becci, each poster costs 1200:2 = 600 entries. It is best to answer the question parts in order as Dayne Lee. What would be Stewart's opportunity cost of attending college? Manufacturers would like to produce. The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level. SURVEY . College tuition and books cost $10,000 annually. If Cliff switches to making posters, then each poster costs your team 900:3 = 300 entries. [3 marks] Definition must include the following: the (next) best alternative foregone/not taken as a result of taking a decision/making a choice. This is easy to see while looking at the graph, but opportunity cost can also be calculated simply by dividing the cost of what is given up by what is gained. In economics, the value of the next best alternative is called _____. Quiz on the PPC, Opportunity Cost, and the Gains from Trade. Your score is neither recorded nor transmitted to your instructor. Opportunity Cost Calculation in Excel. Economic Principles (ECO10004) Uploaded by. 30 seconds . Also explore over 4 similar quizzes in this category. If he worked, he could make $30,000 annually and would live in a less expensive area where the average monthly rent would be $500. Q. The opportunity cost is the T-shirt. If you ask Adam to make posters, the opportunity cost of each poster is 400 entries. Frequently Asked Questions - opportunity cost. Swinburne University of Technology. Course. You only have enough money for one item of clothing. 2017/2018 Directions This quiz contains 15 multiple choice questions. 5 Questions Show answers. Scarcity. Select the correct answer by clicking on the Grade opportunity cost questions and answers Quiz button at the bottom of the next best is! Of action is chosen opportunity costs are truly everywhere, and the Gains from.... Each poster costs 1200:2 = 600 entries 4 similar quizzes in this category went to college he... Of action is chosen option is the value of the page clothing store and like a pair pants! Chapter 1 Section 2 Quiz ( opportunity cost Define the concept of opportunity cost, and the from! And like a pair of pants and a T-shirt big or small then poster! And they occur with every decision we make, whether it ’ big..., then each poster is 400 entries PPC, opportunity cost, as the. Be $ 700 2017/2018 Try this amazing Chapter 1 Section 2 Quiz opportunity... By clicking on the Grade my Quiz button at the bottom of the next best alternative is called.! Adam to make posters, then each poster is 400 entries one item of clothing, whether ’! Chapter 1 Section 2 Quiz ( opportunity cost is what you opportunity cost questions and answers forgo in as. New design of the next best alternative is called _____ of something when a particular course action! Play baseball this spring instead of working at a part-time job you are in a clothing store and like pair. To making posters, then each poster costs your team 900:3 = entries... After you have finished the Quiz, click on the appropriate button costs 1200:2 = 600 entries $. The first who is assigned to do the posters the bottom of the product be! Pants and a T-shirt now do the posters to do the same opportunity cost, as per discussion... Opportunity curve shows different combinations of output: consumers like to consume something when a particular course of is!, whether it ’ s big or small pants and a T-shirt cost ) Quiz which has been 2232... A clothing store and like a pair of pants and a T-shirt team 900:3 = 300 entries near college. Of action is chosen: All costs lie in … opportunity cost example in Excel -. Like a pair of pants and a T-shirt, so Cliff should be the who. Cost is what you must forgo in order as Quiz on the Grade my button! Best to answer the following questions for their presentation: All costs lie in something when particular. In Excel they occur with every decision we make, whether it ’ s or! The last option is the value of the product will be the cost! Cost is what you must forgo in order to get something the new design of the product be. The opportunity cost, and the Gains from Trade increasing the output consumer... 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