opportunity cost questions and answers

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

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