The value of the next best alternative that had to be given up to do the action that was chosen is the a. sale price. b. trade-off. C. opportunity cost. d. capital.
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- production possibilities frontier can shift outward if Select one: a. government increases the amount of money in the economy. b. there is a technological improvement. c. the economy abandons inefficient production methods in favour of efficient production methods. d. resources are shifted from the production of one good to the production of the other good.1. A factual claim about how the world actually works a. is a positive statement. b. cannot be proven true or false by data and evidence. c. is a normative statement. d. is always true. 2. You have been offered an extra shift at work this Friday and this will allow you to earn an extra $100. Your friend has invited you to go to Disney the same day and this will cost you $120. What is the implicit cost of going to Disney? a. $120 c. $220 d. $20 e. $100 3. Here are some facts about the relationship between three goods: Firm X produces a good that it sells to Firm Y. Firm Y produces a service and sells it to consumers. Firm Z produces a service that is similar to Firm Y, and they also sell to consumers. Firm Z has no relationship with Firm X. Firm X experiences an increase in the demand for its product. We can expect this to a. the price that it charges for its product. This change in the price of good X will cause the b. curve for good Y to c.…Incentives and opportunity costs. Why do we do the things we do, and how do opportunity costs show that we have to make sacrifices
- Write the given, required and the formula. Show complete solution. Write legiblyThis refers to the cost of a foregone benefit. a. scarcity b. opportunity cost c. microeconomics d. economicsYou pay a cover charge of $50 to get into a popular local nightclub. As the DJ is playing and you are dancing, you suddenly realize that you would much rather be at home studying economics. But $50 is a lot of money for you. Shouldn’t that affect your decision to stay or go? Select one: a. No. The $50 is a sunk cost. b. Yes. The $50 is an avoidable cost. c. Yes. Stay and get your money’s worth. d. No. This is your special night out, so don’t consider costs of any kind.
- How are money cost and opportunity cost related to each other? a. Opportunity cost must always exceed money cost. b. They are always identical in any economic system. c. If markets function well, they are closely related. d. In a market economy, they must be equal to each other. e. Money cost is greater than or equal to opportunity cost.The opportunity cost of working is __ Select one: a. the wage you earn for the time spent working. b. too high to even consider not working. c. what you can buy because you worked. d. what you would have done during the time if you were not working.How do I find opportunity cost
- The best way to present your report is? Select one or more: 0 a. Presentation is an important part of the final outlook of your work. b. keep it simple 0 c. Give a compelling structure to your presentation. d. Use less images and more text e. Your report should be printed on an A4 paper on one side. f. Keep your audience engaged g. Focus on your PowerPoint slidesYou have a job interview at 10:00am, for a high-paying position you are really excited about. At the same time, you could take a pleasant bike ride across campus, for free. Why wouldn't most people take the bike ride? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The opportunity cost of the ride is too high. b The fixed cost of the ride is too high. c The sunk cost of the ride is too high. d The monetary cost of the ride is too high.The opportunity cost to you of an action is A. how much you must pay for the opportunity to take the action.B. the value to you of the next best action you could have taken.C. the dollar cost to you of the action.D. the cost to society of giving you the opportunity to take the action.