Opportunity cost refers to quizlet
[DOC File]CHAPTER 1: TEST BANK
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Opportunity cost refers to: a. the dollars spent on a product. b. the best of the alternatives foregone in order to produce or consume something. c. the resources used to make something. d. the money spent by a business to produce something. The next three questions refer to the following graph. 4. Equilibrium price and quantity are: a. $4, 120 ...
[DOC File]Chapter 1: An Introduction to Accounting Theory
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Financial accounting refers to accounting information that is used by management for decision-making purposes. ANSWER: F. 2. Accounting theory includes the basic rules, definitions, and principles that underlie the drafting of accounting standards and how they are derived. ... Against: Opportunity cost valuations are more indicative of economic ...
[DOC File]Ch. 1 & 2
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opportunity cost. (28) All of the following would affect the position of a country's production possibilities curve, except: A) the quantity of labor. B) the level of unemployment. C) the amount of the capital stock. D) technological progress. Good Y. B. A. E. D. C. Good X D G E F H. C Food. Clothing
[DOCX File]Tioga ISD
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11. Opportunity cost refers to. A. the dollar amount attached to a good or service. B. the value of the next best alternative. C. the cost of not expanding production. D. the cost of labor when production is expanded or changed. In the blank, indicate whether the statement is true (T) or false (F). _____ 12.
[DOC File]CHAPTER 5; TEST BANK
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F 1. Absolute advantage is defined as a situation whereby a country can produce a good with lower opportunity cost than another country. F 2. Assuming two countries and two goods, a country that has an absolute advantage in production of both goods cannot possibly benefit from trade. T 3.
[DOC File]CHAPTER 2 Exam - Scarcity and the World of Trade—offs
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A) an increasing opportunity cost between the two goods. B) a decreasing opportunity cost between the two goods. C) a constant opportunity cost between the two goods. D) no opportunity cost between the two goods. 41) A point outside a society’s production possibilities curve is one which is. A) unattainable given the resources of the society.
[DOC File]Econ: Chapter 1 Test Review
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1. Individuals, families, and businesses make trade-offs. In the chart below, and for each example given, add a likely opportunity cost. Economic Decision Likely Opportunity Cost Individual. Gets second job Family. Purchases car Business Paves parking lot. 2. A politician promises to increase funding for both the space program and education ...
[DOC File]Chapter 1—What Economics Is About
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89. How are changes in opportunity cost predicted to affect behavior? a. The lower the opportunity cost of doing X, the less likely X will be done. b. The higher the opportunity cost of doing X, the less likely X will be done. c. The lower the opportunity cost of …
[DOC File]جامعة الملك عبد العزيز | جدة | المملكة العربية السعودية
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1 Production Possibilities and Opportunity Cost. 1) The production possibilities frontier. A) refers to the technology used in such goods as computers and military aircraft. B) once applied to U.S. technology but now refers to Japanese technology. C) marks the boundary between attainable combinations of goods and services and unattainable ...
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