The concept of opportunity cost quizlet
[PDF File]UNIT 1: Basic Economic Concepts
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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. 5 Key Economic Assumptions. 1. Society’s wants are unlimited, but ALL resources ... Step 1: Explain concept in words. Step 2: Use numbers as examples.
[PDF File]Chapter 2 Production Possibilities, Opportunity Cost, and ...
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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?
[PDF File]Lesson 1 Production Possibilities and Opportunity Cost
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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 tablets.
[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 …
[PDF File]Exercise questions. Answer all questions. Multiple Choice ...
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Your opportunity cost is . A) working out at the gym, having breakfast with friends, and sleeping late. B) working out at the gym. C) zero because you do not have to pay money to use the library. D) not clear because not enough information is given. 2. When the government chooses to use resources to build a dam, these sources are no longer ...
[PDF File]UNIT 1 Macroeconomics LESSON 1
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they want. The concept of comparative advantage underlies trade and exchange within an economy and between different economies. Activity 2 pro-vides practice at determining absolute and compar-ative advantage. Objectives 1. Define scarcity and opportunity cost. 2. Apply scarcity and opportunity cost to a num-ber of everyday situations. 3.
[PDF File]Cost Concepts and Behavior - Sacramento State
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Cost Concepts and Behavior Chapter 2 ... L.O. 1 Explain the basic concept of “cost.” 2-3 . Cost versus Expenses Cost Outlay Cost Past, present, or future cash outflow Opportunity Costs Forgone benefit from the best alternative course of action Expense Cost charged against revenue in an accounting period
[PDF File]Microeconomics Topic 1: “Explain the concept of ...
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Microeconomics Topic 1: “Explain the concept of opportunity cost and explain why accounting profits and economic profits are not the same.” Reference: Gregory Mankiw’s Principles of Microeconomics, 2nd edition, Chapter 1 (p. 3-6) and Chapter 13 (p. 270-2).
[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]CHAPTER 2 PRODUCTION POSSIBILITIES AND OPPORTUNITY …
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CHAPTER 2 PRODUCTION POSSIBILITIES AND OPPORTUNITY COSTS ... concept that was stressed in the first chapter. There is an opportunity cost associated with any choice that is made. For example, in order for an economy to produce more of one good, it will be forced to sacrifice units of ...
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