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In... Latest answer posted September 10, 2012 1:02 am UTC. C)accounting cost. 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. 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 Answers to Economics Quiz Questions are available at the end of the last question. (c) Higher is the production of good 2 greater is the opportunity cost of reducing its production. a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output (number of planes) produced using the table below: Instructions: Enter your responses as whole numbers. 2 3 4 Military output Consumer goods output 100 90 75 55 30 Opportunity cost b. All the following questions are from previous exams for Economics 103. O A. 2.99 See Answer Add To cart Question: Define opportunity cost . As output increases, average fixed cost: (a) Remains constant (b) Starts falling (c) Start rising (d) None. You can also consider the opportunity costs when deciding how to spend your time. Have a go! I have some difficulty in finding the answer to this question. Answer: In both, the opportunity cost of 1 car is 5 computers. III. It is like calculating the ROI on an investment including a discounted cash flow analysis. 3. Say that Larry, an attorney, charges $400 per hour. eNotes.com will help you with any book or any question. I. Graham Dawson holds a number of part‐time teaching‐posts in economics at Bedford High School, Bedford College of Higher Education, University of Buckingham and the Open University. Check your mastery of this concept by taking a short quiz. This problem has been solved! Geoff Riley FRSA has been teaching Economics for over thirty years. B)opportunity cost. Let's say Annie can spend three hours at a concert or use the time to earn $20 as a fast food restaurant worker. Economics Mcqs for test Preparation from Basic to Advance. Question 1. Missed a question here and there? Services, Working Scholars® Bringing Tuition-Free College to the Community. Note that the numeracy required is not at a very high level. 1. D)substitution cost. That something else is the opportunity cost. Opportunity cost is the value of the thing or things that you had to forego in order to do a certain thing. Please help? The total cost of the movie to the consultant is a. $412 c. $400 d. $388 e. $112 Finding the lowest opportunity cost. Why? "The... "Opportunity cost is cash flow that could be realised from the best alternative of an owned asset'." Many of your students will be able to complete these questions in a matter of a few minutes. C)marginal benefit. They are duplicates of the questions found in the Topic sub-sections. The opportunity cost of a good is_____? Opportunity cost is: (a) Direct cost (b) Total cost (c) Accounting cost (d) Cost of foregone opportunity . Determining the best way to use money is frequently an exercise in finding the choice with the lowest opportunity cost. He is at present writing a book on the costs of unemployment and inflation. All quizzes are paired with a solid lesson that can show you more about the ideas from the assessment in a manner that is relatable and unforgettable. Opportunity costs also exist when we don’t spend any money. For example, let us say... Latest answer posted August 10, 2012 1:02 am UTC. If she has to pay $100 for the concert ticket, what is the opportunity cost of going to the concert? However, some kind of opportunity cost may appear as, say, a multi-choice style question. Cost Accounting Definitions ABC Classification Method Accounting Rate of Return Activity Based Costing Annual Percentage Rate Annuity Arbitrary Allocation View More Cost Accounting Definitions Items in blue indicate foregone consumption due to paying for tuition and books. Please explain it to me? In both, the opportunity cost of 1 computer is 1/5 of a car. Test your understanding of Opportunity cost concepts with Study.com's quick multiple choice quizzes. Thanks in advance. Mike - wash dishes Debbie - vacuum. See the answer. (1 mark) Mark (2) EXPERT T. TUITION . List several of the opportunity costs of choosing to play baseball instead of working. The price of a product determined by supply and demand C. The value of what is lost when picking one choice over another D. The money a business makes after paying for its expenses Write the correct answer on the answer blanks, or underline the correct answer in parentheses. List 3 or more the opportunity costs and 3 or more opportunity benefits of … Purely from the perspective of opportunity cost, this statement is incorrect. Image Transcriptionclose. What is the opportunity cost if I had a part-time job? B. the tuition fees paid to a university. B)scarcity. This is the idea of opportunity cost. Our summaries and analyses are written by experts, and your questions are answered by real teachers. Excluding consumption foregone, the answer is 2,940. Economics Mcqs. 1. Earn Transferable Credit & Get your Degree, Illustrating Economic Conditions with the Production Possibility Curve, Total Cost Curve & Organizing Credit Function, Biological and Biomedical 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 only measures direct monetary costs. Set Up. The out-of-pocket cost for the cab and the movie ticket are $12. Which of the following statements about opportunity cost is TRUE? e. Does your answer in (d) above help you pinpoint a source for gains 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. $400 C. $1000 D. $1200 I do want to know what the answer is but i also want to know why please! Opportunity cost is the potential loss owed to a missed opportunity, often because somebody chooses A over B, the possible benefit from B is foregone in favor of A. Whenever you choose to do something with your property, you forego some other possible way that you could have used that property. Use Figures 2.1 and 2.2 to answer these questions. Opportunity cost provides a benefit of choosing one option over another. If your cultural background is Spanish, you will presumably already have some ideas about this. While You're At It, Also Explain The Following Statement: "the Opportunity Cost Of Capital Depends On The Proposed Use Of Cash, Not The Source Of Financing." e. The synthetic production of Bovine Growth Hormone (BGH) allows dairy farmers to get twice as much milk from each cow. 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 Opportunity Cost Past Paper Answers Questions 2 Question 1 3 Question 2 4 Question 3. $200 B. Is the answer $120 or $20? Handout: Practice with Opportunity Cost. Define opportunity cost . Mcq Added by: Adden wafa. A similar computer would now cost $1200 new, but yours would fetch only $400 as a used model. It may be personal or business related, opportunity cost arises when we select one option over another taking into consideration that the selected option has better advantage comparing with the another option. (1 per student) Handout: Practice with opportunity cost analysis (1 per student) Overhead transparencies or power points slides: Visual 1: Characteristics of Cost.
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