Example of opportunity cost quizlet
[PDF File]UNIT 1 Macroeconomics LESSON 1
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(C) The opportunity cost of increasing production of Good A from two units to three units is the loss of two unit(s) of Good B. (D) This is an example of (constant / increasing / decreasing / zero) opportunity cost per unit for Good A. 1 Macroeconomics LESSON 1 ACTIVITY 1 Answer Key UNIT 10 12 031 2 GOOD A GOOD B 456 6 8 2 4 Figure 1.1
[PDF File]The Role of Economics
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exclusive alternatives. The cost associated with the choice is the value of the foregone alternative. This valuation is a crucial component of determining and ensuring efficiency in the market. For example, the opportunity cost of purchasing this text is the money that could …
[PDF File]Microeconomics Topic 1: “Explain the concept of ...
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Opportunity Cost This concept of scarcity leads to the idea of opportunity cost. The opportunity cost of an action is what you must give up when you make that choice. Another way to say this is: it is the value of the next best opportunity. Opportunity cost is a direct implication of scarcity.
[PDF File]Relevant cash flows
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Opportunity costs arise less frequently within questions, but when they do, they can cause candidates real problems. There are no opportunity costs within the question we have been considering, but let us look at an example all the same. An opportunity cost arises if a resource is moved from its current use.
[PDF File]Exercise questions. Answer all questions. Multiple Choice ...
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Answer . all questions. Multiple Choice Questions. Choose the best answer. 1.On Saturday morning, you rank your choices for activities in the following order: go to the library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is
[PDF File]What is Economics? CHAPTER 1
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opportunity cost. For example, suppose you have to choose between sleeping late or getting up early to study for a test. The opportunity cost of extra study time is less sleep. The opportunity cost of more sleep is less study time. Decisions also involve thinking at the margin. This means deciding about adding or subtracting one unit of a
[PDF File]Econ 101 Exam Review Answers: Economics The opportunity ...
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Opportunity Cost The opportunity cost of any choice is what we must forego when we make that choice. (Highest Valued) 3. Product Possibility Frontier (PPF) A curve showing all combinations of two goods that can be produced whit the resources and technology currently available 4. Model A model is an abstract representation of reality. (Example ...
[PDF File]Practice Quiz 1 - Fall 11 with ANSWERS
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Practice Quiz 1 - Fall 11 with ANSWERS 1. Using the table given below, what is the opportunity cost per unit of increasing leisure from 0 to 5 hours? GRADE AVERAGE HOURS OF LEISURE 100 0 90 3 80 5 A. 80 points B. 20 points C.* 4 points D. 5/20 = .25 points 2.
[PDF File]UNIT 1: Basic Economic Concepts
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For Example: You have been shopping at the mall for a half hour, the additional benefit of shopping for an additional half-hour might outweigh the additional cost (the opportunity cost). After three hours, the additional benefit from staying an additional half-hour would likely be less than the additional cost.
[PDF File]UNIT 1 PRACTICE EXAM - PC\|MAC
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32. The opportunity cost of an action is (A) the monetary payment the action required. (B) the total time spent by all parties in carrying out the action. (C) the value of the opportunity or opportunities that must be sacrificed in order to take the action. (D) the cost of all alternative actions that could have been taken. 33.
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