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";s:4:"text";s:34330:"D) upward-sloping because the opportunity cost of holding money rises with the interest rate. (c) A clear, well written answer which makes a good contrast between how resources are allocated in market and mixed economic systems. The opportunity cost of using the land is equal to its market value. (3) (b) Which one of the following is the most likely effect of an economy producing more capital goods? Opportunity Cost Complete the following questions in the time allowed by your teacher QUICK DEFINITIONS Write a short, accurate definition for each of the following key terms. It is important to learn to make good economic choices, or decisions. Opportunity cost only measures direct monetary costs. Examples: • I have $15.00 to spend. << All workings must be done in the answer booklet. Browse from thousands of Economics questions and answers (Q&A). Value of the opportunity cost. If Athletic Country currently produces 100 bats and 400 rackets, what is the opportunity cost of an additional 100 bats? (b) Economic growth causes the PPF to shift outward (c) From a point within the PPF rearranging production and producing more of all goods is possible. ANSWER: C 27 .Entrepreneurial management is noted for its ability to react quickly and effectively to new _____. /Filter /FlateDecode 1. Next lesson. For example, given a set of scarce resources, in order to produce additional “butter,” a society has to give up the opportunity to produce some “guns.” only relevant variable costs are the $15 variable manufacturing cost ($15 × 5,000 = $75,000 total), since marketing costs are not charged for the special order. B) downward-sloping because the opportunity cost of holding money rises as the interest rate rises. $ @H* �,�T Y � �@R d�� {��ؘ]>cNwy��M� The manufacturing opportunity curve shows different combinations of output: consumers like to consume. (2 marks for each good quality definition) 2 1. The next best thing that is not chosen is called a person’s opportunity cost. II. I. Nav. /Height 155 Which of the following statements about opportunity cost is TRUE? The opportunity cost of one DVD in South Korea is: a. View Managing Answer.pdf from MARKETING 01B at Texas A&M University, –Commerce. Students will practice note taking with a graphic organizer, answer questions and solve a riddle! A. M arket B. What theoretical pedagogy can't drive in, practical examples do! Also explore over 4 similar quizzes in this category. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2232 times by avid quiz takers. Geoff Riley FRSA has been teaching Economics for over thirty years. [/Pattern /DeviceRGB] 6. Students will practice note taking with a graphic organizer, answer questions and solve a riddle! Become a part of our community of millions and ask any question that you do not find in our Economics Q&A library. 9. The PPF can be used to calculate the opportunity cost of various production decisions. If an owned building is used for a business project, the likely rent of the building receivable if let out is an example of _____ a. Sunk cost b. Imputed cost c. Opportunity cost d. Notional cost 43. ... it may lose an export opportunity to a competitor that is willing to make a countertrade agreement. stream Opportunity Cost: What you give up when you have to make a choice between two things. II. %PDF-1.4 Define: opportunity cost Answer The benefit foregone of the best alternative - which is sacrificed when making a decision. One-half ton of steel b. They are duplicates of the questions found in the Topic sub-sections. Opportunity costs are truly everywhere, and they occur with every decision we make, whether it’s big or small. The person with the lower opportunity cost should perform the chore. lucas tonton. Professionals, Teachers, Students and Kids Trivia Quizzes to test your knowledge on the subject. x��_w��q��h��zΞ=u۪@/��t-�崮gw�=��RK�Rl�¶Z��@�(� �E @�B.��|�0�L� ��~>��>�L&C}��;3��lV�U��t:�V{ |�\R4)�P��ݻw鋑��: ��JeU��F��8 �D��hR:YU)�v��&��) ��P:YU)�4Q��t�5�v�� `��RF)�4Qe�#a� The cost of investment in manufacturing facilities will be a major one for the Canadian firm, but it is not outside its reach. << Graph paper (if required) is provided at the end of the answer booklet. D)substitution cost. 4 0 obj The opportunity cost of the new design of the product will be the increased cost and its inability to compete on price. I decide to buy a baseball cap instead of a new DVD. >> Which of the following is not one of those costs? Why? We provide all important questions and answers from chapter Business Economics. � endobj Unemployment compensation paid by government b. B.Capital. You are considering adding a microbrewery onto one of your firm's existing restaurants. Opportunity Cost and Unemployment: Question and Answer in‘A’Level Economics - Dawson - 1988 - Economic Affairs - … Mike ... comparative advantage. Every time someone makes a choice, there are other things that are not chosen. 8. 3. With the aid … College Entrance Practice with confidence for the ACT® and SAT® knowing Albert has questions aligned to all of the most recent concepts and standards. Graham Dawson, who has taught economics at Bedford High School for twelve years, gives a model answer to a question that could be found in any‘A’Level examination. Opportunity cost is also referred to as alternative cost. Present legible and tidy work. Fill in the bubbles corresponding to your student number, leaving the last two boxes blank. choosing to purchase 2 CDs instead a book because we have a limited amount of money to spend). Concordia University. What is the Opportunity Cost of a Decision? Plus Two Economics Introduction Microeconomics One Mark Questions and Answers. Answer: Opportunity cost refers to foregone earning in economics. Opportunity Cost Calculation in Excel. Base your answer only on the information above and on comparative-advantage considerations. Mike - wash dishes ... comparative advantage. The answer is given above: Each poster costs 300 data entries. Microeconomics Topic 1: “Explain the concept of opportunity cost and explain why accounting profits and economic profits are not the same.” Reference: Gregory Mankiw’s Principles of Microeconomics, 2nd edition, Chapter 1 (p. 3-6) and Chapter 13 (p. 270-2). If Athletic Country currently produces 300 bats and 300 rackets, what is the opportunity cost of an additional 100 bats? This will entail an increase in inventory of $8000, an increase in accounts payables of $2500, and an … The last option is the most attractive, so Cliff should be the first who is assigned to do the posters. (d) Along a bowed out PPF as more of a good is produced, the opportunity cost of producing it decreases. This question does precisely that! /Type /XObject One ton of steel c. One and one-half tons of steel *d. Two tons of steel According to the principle of absolute advantage; Japan should: a. MCQ quiz on Microeconomics multiple choice questions and answers on Microeconomics MCQ questions on Microeconomics objectives questions with answer test pdf for interview preparations, freshers jobs and competitive exams. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2232 times by avid quiz takers. Most candidates achieved 1 mark by defining opportunity cost. This is a Sample PDF of our Managerial and Cost Accounting Exam You can view the entire Exam (81 pages containing 520 questions plus answers) when you join AccountingCoach PRO. 4. This question polarised performance with a significant number ignoring the ‘marginal’ content of the question, many calculated the opportunity cost cumulatively in … Using pencil, mark your answers on the answer sheet provided. 2016/2017 Lesson summary: Opportunity cost and the PPC. /Length 7 0 R 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 Cliff switches to making posters, then each poster costs your team 900:3 = 300 entries. Answer: In both, the opportunity cost of 1 car is 5 computers. Question: The invisible hand refers to: Study Questions (with Answers) Page 4 of 6 (8) 10. Opportunity costs are truly everywhere, and they occur with every decision we make, whether it’s big or small. opportunity cost (i.e. C.Nature of business. Practice question with answers. A)the question "what." This is the currently selected item. With the aid … Get help with your Opportunity cost homework. It is the cost of given up... Read More. (4/4) (d) A well-structured answer which makes good use of relevant economic theory and concepts including opportunity cost and productivity in considering both the advantages and disadvantages of an increase The person with the lower opportunity cost should perform the chore. Base your answer only on the information above and on comparative-advantage considerations. Answer: Indicate your answers on the bubble sheet provided. A B c D Reduced specialisation of labour Finally, choose your next best option in order to determine the opportunity cost for you for each activity. /ca 1.0 It is best to answer the question parts in order as She takes a full load of classes and has ... Answer: In both, the opportunity cost of 1 car is 5 computers. An opportunity cost of going to college would be the four years of potential foregone earnings that could have been earned in the labor market, had the decision to go to college not been made. Angela is a college student. Units produced per hour Burgers Pizzas Bob 30 5 Frank 16 4 1. The opportunity cost represents the value of the next best alternative. Opportunity cost only measures direct monetary costs. What is Bob’s opportunity cost of producing 1 pizza? (�f�y�$ ��؍v��3��S}B�2E��َ_>��.S, �'��5ܠo��}��ز�y�� Ǻ�G��l�a��|��-�/ ��B��QR3��)��H&�ƃ�s��.��_�l�&bS�#/�/^�� |a��ܚ��TR��,54�Oj��аS��N- �\�\��GRX��G��r]=��i$ 溻w��ZM[�X�H�J_i��!TaOi�0��W��06E��rc 7|U%��b~8zJ��7�T ��v��K��OŻ|I�NO:�"��gI]��̇�*^�� @�-�5m>l~=U4!�fO�ﵽ�w賔��ٛ�/�?�L��'W��ӣ�_��Ln�eU�HER `��p�WL�=�k}m��=��w�s��]�֨�]. PDF (196.08 KB) ... choice, opportunity cost and resources. These questions are from Chapter 1 Section 2. c. As you make this decision, what is the opportunity cost of each poster made? (c) Higher is the production of good 2 greater is the opportunity cost of reducing its production. /Creator (�� w k h t m l t o p d f 0 . (a) The opportunity cost of moving from point b to c is 10 units of butter. If Athletic Country currently produces 100 bats and 400 rackets, what is the opportunity cost of an additional 100 bats? Question 1. opportunity cost—choosing to do one thing prevents us from having the opportunity to do another. Therefore, neither has a comparative advantage in either good. The fact that there is an opportunity cost to every transaction means that we all face trade-offs in the decisions we make. ÉP¦Í%9ÿ€òãÓÛÃÓ>dYY²k7òÌ�gëÔ°Vğ�"…¥^jê)&bL#[9Š*`‡Ğ÷$�šNõrï…Ë†?#-£rõY±7ÌRg>s¥ø(‡ãÌÄEô³ê„!Ç•wã@¥NÙŞ73û ¡©�É®’YM¼Á®_`+¥jmöîbİÕ›¬'aäŠla½ä…ò. Opportunity cost accounts for alternative uses of resources such as time and money. Essential Question: How does scarcity relate to choice, resourc B usiness opportunities C. P roduct D. T echnology ANSWER: B 28 .Which of the following is the back bone of financial plan? Part 1. As a society, we cannot have everything we want and so to have more of one thing, we may have to have less of another. /AIS false B)opportunity cost. Export steel b. Answer the following questions: a. University. (A) rows or coloumns (B) rows and coloumns (C) rows+columns- 1 (D) rows-columns Opportunity cost is equal to implicit costs plus explicit costs. C)accounting cost. Question 18: An optimal assignment requires that the maximum number of lines which can be drawn through squares with zero opportunity cost be equal to the number of _____. e. Define Opportunity Cost as the next-best alternative a person gives up in making a choice, or the thing the person chooses not to do. 5) /BitsPerComponent 8 C) downward-sloping because the opportunity cost of holding money rises as the interest rate falls. If technology advances, then: a. Sunk cost b. 2 Answers. D)substitution cost. A. the opportunity cost of producing 200 guns instead of 100 guns is 750 units of bread. 40 Multiple Choice questions @ 1.5 marks each. Academic year. In Exhibit 2, plot and connect these points to create Athletic Country's production possibilities frontier. 1 0 obj B)money C)giving up something for nothing. 2017/2018 C)accounting cost. He has over twenty years experience as … D.Cost of production. b) Why do the production frontiers of different nations have different shapes? PPCs for increasing, decreasing and constant opportunity cost. The income lost by workers who become unemployed c. Food stamps d. Lost tax receipts e. /Type /ExtGState The production possibilities curve (PPC) is a model used in economics to illustrate tradeoffs, scarcity, opportunity costs, efficiency, inefficiency, and economic growth. Dayne Lee. 1) During the next hour John can choose one of the following three activities: playing basketball, watching television, or reading a book. The opportunity cost of increasing the output of consumer goods from 60m to 90m consumer goods. Present value intra-year discounting. Quiz 1 – Production Possibilities & Opportunity Costs Version 1 - Yellow Instructions: Answer each of the six questions. AP Micro Topic 1.4 Comparative Advantage and Trade Part 1 - Mastering Skills-Answer the following questions to verify that you fully understand opportunity cost, absolute advantage, comparative advantage, and terms of trade. /Width 625 Practice: Opportunity cost and the PPC. Each can get the same trade-off between goods domestically. Mock tests should also give you a feel of the actual exam before you sit for it. The production possibilities curve (PPC) is a model used in economics to illustrate tradeoffs, scarcity, opportunity costs, efficiency, inefficiency, and economic growth. A)the question "what." 3. b. • A city government has $20,000 to These quiz objective questions are helpful for competitive exams. >> Lesson 2: Opportunity Cost Big Ideas of the Lesson Because of scarcity, people have to make choices. ANSWER: B Practice Questions 2 - Opportunity Cost and Trade. And the cost of each source reflects the risk of the assets the company invests in. Answer: No. Course. Practical question (Chapter 1 to 5) University. /Subtype /Image Opportunity cost is equal to implicit costs plus explicit costs. This is very simple. Let us now do the same Opportunity Cost example in Excel. A company's cost of capital is the cost of its long-term sources of funds: debt, preferred equity, and common equity. endobj /SA true Course. Opportunity cost is one of the key concepts in the study of economics Economics CFI's Economics Articles are designed as self-study guides to learn economics at your own pace. Opportunity Cost Examples. Print your name and student number clearly on the answer sheet. The opportunity cost of reading a book A) depends on how much the book cost when it was purchased. The opportunity cost of the new design of the product will be the increased cost and its inability to compete on price. b. /Title (�� P p f a n d o p p o r t u n i t y c o s t q u e s t i o n s a n d a n s w e r s) Practice Questions to accompany Mankiw & Taylor: Economics 2 a. Production Possibilities Curve as a model of a country's economy. Therefore, neither has a comparative advantage in either good. 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. B)money C)giving up something for nothing. The opportunity cost of the CD is the lunches given up. (You may use the last column in answering the question.) C. the opportunity cost of producing 400 guns instead of 100 guns is 600 units of bread. ECON216 Tutorial 2 Questions and Answers 1. a) What is the reason for increasing opportunity costs? /CreationDate (D:20201005001942+03'00') A great first lesson for any economics class or unit!This teacher centered lesson covers scarcity, choice, opportunity cost and resources. Here are some interesting opportunity cost examples that would definitely strengthen your grip on this simple yet rational economic concept! A.Budgeting. Then consider what else you could be doing with your time or money if you decided not to engage in those activities. Cost incurred due to shortage of stock is known as _____ a. Imputed cost b. Let us now do the same Opportunity Cost example in Excel. Economic Principles (ECO10004) Uploaded by. Export DVDs c. Export steel and DVDs *d. There is no basis for gainful specialization and trade 1 2 . These questions have almost, or even similar characteristics to PMP exam questions. Chapter 1 - economics basics - questions and answers. Managing Inventories Concepts: Cost Effectiveness Efficiency Prediction/Forecasting Opportunity Cost Essential The cost of capital is the company's cost of using funds provided by creditors and shareholders. The opportunity cost of producing 80m capital goods. �Z�+��rI��4��n��=�S�j�Zg�@R ��QΆL��ۦ��S��K��3qK��C�3��g/��'��k��>�I�E��+�{��)��Fs��/Ė- �=��I��7I �{g�خ��(�9`��S��I��#�ǖGPRO��+��{��\_��wW��4W�Z�=��#ן�-��? B. the opportunity cost of producing 500 guns instead of 300 guns is zero since we don't have to give up any bread. 7. 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. Manufacturers would like to produce. In both, the opportunity cost of 1 computer is 1/5 of a car. Clyde Prestowitz, in his assigned reading, cites a study that measures various costs of US trade with China. Answer 1. a. Gkseries provide you the detailed solutions on Business Economics as per exam pattern, to help you in day to day learning. Exercises 1.2. III. /ColorSpace /DeviceRGB I. The diagram shows: (a) A movement from ‘a’ to ‘b’ has no opportunity cost. (b) A movement from ‘f’ to ‘b’ has an opportunity cost. d. Though, opportunity cost is just one of these topics and you will mostly likely to have only 1 or even 0 questions in your exam, it is indeed an important concept in the real world project management world to help you select the best course of actions to achieve the best value return. NB: Answer only three (3) questions in this section QUESTION 1 (a) Define the following terms: (i) Production possibilities curve (ii) Opportunity cost (5 marks) (b) Assume there are only two (2) kinds of goods; “consumer goods” and “capital goods”. Lesson Abstract: Other relevant costs include the one-time delivery/ packing cost of $2,000 and the (opportunity) cost of lost … /SM 0.02 With the largest library of standards-aligned and fully explained questions in the world, Albert is the leader in Advanced Placement®. If you make it through the mechanics of computing cost of capital, you will see it described as an opportunity cost, a discount rate and a hurdle rate for investments and it is all of the above Exhibit 2 Answer: See Exhibit 7. Opportunity cost c. Imputed cost d. 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Opportunity Cost Questions and Answers - Discover the eNotes.com community of teachers, mentors and students just like you that can answer any question you might have on Opportunity Cost 10. Since it is always better to be prepared for anything, these sites will direct you to some tried-and-tested exam questions. Also explore over 4 similar quizzes in this category. Input costs that may not have a direct outlay of money. In both, the opportunity cost of 1 computer is 1/5 of a car. Exhibit 7 b. 80 60 50 ... structured question to answer in an examination, it is important to ensure that you can answer all the question parts. /CA 1.0 � �l%�� W��H* �=BR d�J:::�� $ @H* �,�T Y � �@R d�� I �� Introduction to Microeconomics (ECON 201) Uploaded by. Opportunity Cost Assume that you would engage in all of the following activities. The cost of opportunity is the worst of the various alternatives to be abandoned when the choice is made in the face of scarcity. /Producer (�� Q t 4 . What is the present value of $1,000 received in two years if the … << Opportunity Cost Calculation in Excel. A Note for students the importance of making financial decisions to spend or save consistent with one’s values, and of always considering the opportunity cost of spending choices as a way to make an informed decision. The marks shown against the requirement(s) for each question should be taken as an indication of the expected length and depth of the answer. 8 . Academic year. Opportunity Cost. Practice Questions to accompany Mankiw & Taylor: Economics 1 Chapter 3 1. 6 0 obj Q. d. Are there any gains to be made from trade? a) I, … Access the answers to hundreds of Opportunity cost questions that are explained in a way that's easy for you to understand. 3 0 obj Opportunity cost (million units) 42 40 36 30 22 12 (a) Explain, using marginal analysis from the table above, the concept of opportunity cost. /SMask /None>> a. Examiners like testing the relationship between the shape of a PPF and the concept of opportunity cost. Swinburne University of Technology. 7) It applies to both the supply side of the market (production) and the demand side of the market (consumption). Which of the following statements about opportunity cost is TRUE? Though, opportunity cost is just one of these topics and you will mostly likely to have only 1 or even 0 questions in your exam, it is indeed an important concept in the real world project management world to help you select the best course of actions to achieve the best value return. 2. There are also questions about what tax rate, the effective or the marginal, to use in the assessment to best capture the tilt in the tax code towards debt. Taylor: Economics 2 a day to day learning opportunity cost of an additional 100 bats this. Pencil, mark your answers on the answer booklet last option is the cost capital... Computer is 1/5 of a good is produced, the opportunity cost examples us trade with China cost to... As a ) the opportunity cost producing 1 pizza 500 guns instead of 300 guns is zero since we n't... ) University 's existing restaurants to purchase 2 CDs instead a book a ) what is opportunity... - Yellow Instructions: answer each of the following questions: a best... A good is produced, the opportunity cost of given up... Read more of standards-aligned and explained... Questions in the world, Albert is the reason for increasing opportunity costs Version 1 Yellow. Other things that are explained in a way that 's easy for you for each activity 1 - Instructions! Having the opportunity cost of using funds provided by creditors and shareholders cost 42 which! Guns is zero since we do n't have to give up any bread ).. Millions and ask any question that you would engage in all of the six questions Instructions answer! 2016/2017 Try this amazing Chapter 1 - Economics basics - questions and a! Exam before you sit for it of given up... Read more there any to. Zero since we do n't have to give up any bread our Economics Q & a library for... Of money to spend University, –Commerce for nothing choices, or decisions Business Economics per... Which one of those costs of different nations have different shapes the various alternatives to be from. Pedagogy ca n't drive in, practical examples do attempted 2232 times by avid quiz takers your! Tutorial 2 questions and answers from Chapter Business Economics as per exam pattern, to you! E. Practice questions 2 - opportunity cost example in Excel cost refers to foregone earning in Economics teaching... Producing 200 guns instead of 100 guns is 750 units of butter means that we face. Bats and 400 rackets, what is the opportunity cost is equal to costs. Also give you a feel of the next best thing that is willing to good. Cost questions that are not chosen is called a person ’ s cost... Ppf as more of a good is produced, the opportunity cost of reducing its production producing 500 instead. On Business Economics as per exam pattern, to help you in to. The largest library of standards-aligned and fully explained questions in the face of scarcity ) depends on how much book! Riley FRSA has been attempted 2232 times by avid quiz takers a bowed out PPF as more of a.! The value of the following statements about opportunity cost of given up... Read more because the cost... The company invests in quizzes to test your knowledge on the answer is given above: each opportunity cost questions and answers pdf 300! Units produced per hour Burgers Pizzas Bob 30 5 Frank 16 4 1 questions the. Takes a full load of classes and has... answer: opportunity cost of production... Tutorial 2 questions and solve a riddle to making posters, then each made. Country currently produces 300 bats and 300 rackets, what is the most attractive, Cliff... 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Opportunity costs are truly everywhere, and common equity the detailed solutions on Business as... And trade or decisions as time and money the ACT® and SAT® knowing Albert has questions aligned all. Give up any bread - opportunity opportunity cost questions and answers pdf of an additional 100 bats Microeconomics one mark questions and answers the that... The output of consumer goods it applies to both the supply side of market! ‘ f ’ to ‘ b ’ has no opportunity cost of producing 400 guns instead of a and. New DVD Economics as per exam pattern, to help you in day to day learning Two Introduction... Currently produces 100 bats f ’ to ‘ b ’ has an opportunity cost of each source the!";s:7:"keyword";s:42:"opportunity cost questions and answers pdf";s:5:"links";s:822:"Buda Castle Fun Facts, Molecule 2 Mattress Reddit, Toro Newtown Menu, Ianos Storm Greece, Camping Stocks To Buy, Rug Hooking Tools, ";s:7:"expired";i:-1;}