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opportunity cost exam questions

All other trademarks and copyrights are the property of their respective owners. All of the following are examples of opportunity cost except: A. the leisure time sacrificed to study for an exam. English, science, history, and more. This quiz is a series of math problems and will present you with a variety of situations about individuals or groups facing two choices. Like many other decision makers, project managers should thoroughly evaluate the opportunity costs and plan well to … Both concerts cost $150 per ticket, but it would take you a couple of hours to drive to Hot Stuff’s concert and you have to be in school (the next) morning for an exam. Enrich your understanding of opportunity cost and its calculation with the help of our quiz. 29. (1 per student) Handout: Practice with opportunity cost analysis (1 per student) Overhead transparencies or power points slides: Visual 1: Characteristics of Cost. There is no calculation required. e. The synthetic production of Bovine Growth Hormone (BGH) allows dairy farmers to get twice as much milk from each cow. Dayne Lee. 41) 42)The loss of the highest-valued alternative defines the concept of A)entrepreneurship. However, owing to the limitation of capital, only one project can be chosen. For the Exam purposes, opportunity cost is the opportunity given up by selecting one project over another. Our online opportunity cost trivia quizzes can be adapted to suit your requirements for taking some of the top opportunity cost quizzes. This is so at an output level of 12 units where the marginal cost and the average variable cost are equal to Rs.33. flashcard set{{course.flashcardSetCoun > 1 ? Work-leisure choices: The opportunity cost of deciding not to work an extra ten hours a week is the lost wages foregone. FAQs - opportunity cost Define the concept of opportunity cost. Practice Questions 2 - Opportunity Cost and Trade. (D) $225. Some of them merely … B)scarcity. University. A firm producing cans buys three tons of aluminum per day at $200 per ton. Company. Favorite Answer Questions and answers on opportunity cost. II. C)marginal benefit. Academic year. Opportunity cost measures the cost of any choice in terms of the next best alternative foregone. (A) opportunity cost (B) utility (C) marginal cost (D) scarcity 28. Exercises 1.2. Which of the following is a macroeconomic question? Mock tests should also give you a feel of the actual exam before you sit for it. Abilities vs Abilities The opportunity cost of after school violin lessons at a particular school is the ability to join other after school activities such as baseball or the chess club. Earn Transferable Credit & Get your Degree, Create your account to access this entire worksheet, A Premium account gives you access to all lesson, practice exams, quizzes & worksheets, Scarcity, Choice, and the Production Possibilities Curve. All rights reserved. (C) $700. They are Project Diamond with an NPV of Rs.15,00,000, Project Gold with an NPV of Rs 17,00,000 and Project … 42) All the following questions are from previous exams for Economics 103. TAGS: opportunity cost, scarcity. 3 Question 2 (using above diagram) Question 3 (using above diagram) 4 Question 4 Question 5 The diagram refers to production possibility frontiers for a country that produces capital goods and consumer goods. Solution for The opportunity cost of writing 1 exam paper for Gary and Evelyn is: (Need help? SWBAT identify the opportunity cost in an economic choice and justify it making a choice. Practice exam questions are one fool-proof method to get prepared for the test. [3 marks] Definition must include the following: the (next) best alternative foregone/not taken as a result of taking a … Opportunity Costs can be great tools for project selection in an organization. This question does precisely that! Submitted by Reeta on Tue, 03/05/2013 - 05:21 . About us; Jobs; Blog; … All the following questions are from previous exams for Economics 103. Try this amazing Trade Offs Opportunity Cost Quiz quiz which has been attempted 273 times by avid quiz takers. Read chapter 1.3 of the textbook, here:… 4. Opportunity cost examples can also be looked from the point of view of a tradeoff as well between the choices foregone for the choice availed. Boston House, The value of the next best alternative is referred to as opportunity cost. The marginal cost of the fourth ton per day is (A) $100. {{courseNav.course.mDynamicIntFields.lessonCount}} lessons Project A with Net Present value (NPV) of . Sciences, Culinary Arts and Personal Describe the nature of the economic problem. Access the answers to hundreds of Opportunity cost questions that are explained in a way that's easy for you to understand. 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. Practice question with answers. Johnson waits two hours in line to buy a ticket to an NCAA Final Four Tournament game. 137 lessons For the exam opportunity cost is usually a monetary value. Identify opportunity cost and justify a choice Visual Anchor. Country A up to 1/2 ton then it is Country B, Writing one report and forgoing 2 computer programs, Writing one report and forgoing 3 computer programs, Writing one report and forgoing 4 computer programs, Writing one report and forgoing 5 computer programs. Max decides to study for his test instead of watching TV. Services, Applying the Production Possibilities Model, Quiz & Worksheet - Calculating Opportunity Cost, {{courseNav.course.mDynamicIntFields.lessonCount}}, Economic Scarcity and the Function of Choice, Shifts in the Production Possibilities Curve, Comparative Advantage, Specialization and Exchange, Foreign Exchange and the Balance of Payments, Working Scholars® Bringing Tuition-Free College to the Community, What's needed to calculate opportunity cost, How to analyze a choice between two things from a different perspective, Formula used to determine opportunity cost, Walk through examples of calculating opportunity costs, Relate opportunity cost to the production possibility curve. If the rate of return on her best alternative investment opportunity is 10%, the implicit cost of capital is $10,000. 2) Hook 3) Students go over the AIMS LS23 6AD, Tel: +44 0844 800 0085 Handout: Practice with Opportunity Cost. You will need to calculate the opportunity cost for a particular path. The opportunity cost of increasing the production of apple pies from 12 to 14 pies is ---pies. Let’s explain the same with the help of an example: Costa Rica a developing nation holds a National debt of $3000 billion and requires paying an interest bill on the national debt that amounts to$340 billion annually. Though, opportunity cost is just one of these topics and you will mostly likely to have only 1 or even 0 questions in your exam, it is indeed an important concept in the real world project management world to help you select the best course of actions to achieve the best value return. The opportunity cost of an action is (A) the monetary payment the action required. If it buys four tons per day, it receives a quantity discount on all units and pays only $175 per ton. Geoff Riley FRSA has been teaching Economics for over thirty years. Consider the above production possibilities table. Opportunity Cost. 2017/2018 To solve the practice problems, you will need to know these details about opportunity cost: The quiz will require you to practice these skills: Complete the quiz and head over to the related lesson, How to Calculate Opportunity Cost. The opportunity cost of this capital is what Josephine could have earned if she had taken the money and invested it elsewhere. EXIT SLIP . Opportunity cost only measures direct monetary costs. Answers to Economics Quiz Questions are available at the end of the last question. C)accounting cost. Exam 2018, questions and answers. C)accounting cost. If the marginal cost first falls and then rises, it will be equal to the average variable cost at a point where the average variable cost is the minimum. (D) the cost of … In terms of this production possibility frontier, this means that this economy can now produce twice as much milk at each level of car output.

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