Opportunity costs refer to

• [PDF File]Suggested Solutions to Assignment 1 - Queen's University

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  D. Higher opportunity costs induce higher output per unit of input. 27. If an economy experiences increasing opportunity costs with respect to two goods, then the production possibilities curve between the two goods will be A. Bowed outward or concave from below. B. A straight, downward-sloping line. C. Bowed inward or convex from below.

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• [PDF File]Principles of Microeconomics Test Item File 2

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  watching television, or reading a book. The opportunity cost of reading a book A) depends on how much the book cost when it was purchased. B) is the value of playing basketball if John prefers that to watching television. C) is the value of playing basketball and the value of watching television. D) depends on how much John enjoys the book.

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• [PDF File]Economics 103 Final exam ANSWER KEY

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  2 Opportunity costs refer toabenefit that person could have received, but gave up, take another course of action. 6 Revenue cocoa Cost of Goods Sold (COGS) cocoa Net profit other goods • Hired labor • Land costs • Input costs • Fixed costs • Other Gross profit cocoa Overhead costs Operating profit Non-operating costs TaxesInterest Sub-

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• [PDF File]Microeconomics Topic 1: “Explain the concept of ...

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  Chapter 2—Production Possibilities, Opportunity Cost, and Economic Growth MULTIPLE CHOICE 1. Which of the following correctly lists the three fundamental economic questions? a. If to produce? Why to produce? When to produce? b. If to produce? What to produce? How to produce?

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• [PDF File]Chapter 2 Production Possibilities, Opportunity Cost, and ...

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  Suggested Solutions to Assignment 1 Part B True/ False/ Uncertain Questions B1. The following table shows how many cars or airplanes can be produced with a unit of resources in Canada and Japan. We can conclude that Canada will export cars and Japan will export airplanes, if both countries trade based on the principle of

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• Opportunity Cost - Examples of opportunity costs

  The opportunity cost of one more bag of peanuts is 2 candy bars. These opportunity costs are constant. They can be found by comparing any two of the consumption alternatives for the two goods. (c) The decision of how much of each to buy would involve weighing the marginal benefits and marginal costs of the various alternatives. If, for example ...

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• [PDF File]ECON 103, 2008-2 ANSWERS TO HOME WORK ASSIGNMENTS …

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  When economists refer to cost, they mean opportunity cost. The firm’s cost of production includes explicit costs, like payroll, cost of raw materials and other direct costs. But it also includes implicit costs. One of the most important implicit costs is associated with the firm’s capital. For example, consider Josephine Csun, who starts a business with $100,000 she inherited from her rich ...

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• [PDF File]Cocoa Farmer Income - Fairtrade International

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  TOP: Opportunity Costs MSC: Application 16. Refer to Table 2.1. According to the production possibilities schedule in the table above, which of the following statements is true? a. Moving from choice 2 to choice 3, the opportunity cost of 20 more B is 20 units of A. b. There are increasing opportunity costs associated with getting more B.

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• [PDF File]Chapter 01 Test Bank

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  Principles of Microeconomics Test Item File 2 Ninth Edition by Case/Fair/Oster Prentice Hall c.2009 10/30/08 . Contents Chapter 1 The Scope and Method of Economics 1 Chapter 2 The Economic Problem: Scarcity and Choice 29 Chapter 3 Demand, Supply, and Market Equilibrium 55 Chapter 4 Demand and Supply Applications 98 Chapter 5 Elasticity 117 Chapter 6 Household Behavior and Consumer Choice …

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• [PDF File]Chapter 02 Choice, Opportunity Costs, and Specialization

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  Lesson 1 PrOduCTION POSSIbIlITIES ANd OPPOrTuNITy COST 6. Show Slide 1.2. Explain to students that one resource needed to produce both smartphones and tablet computers is the rare earth mineral coltan. Coltan is a heat-resistant ore that can hold a strong electrical charge; it is used to make capacitors for touch screens in smartphones and ...

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