Homework Answers
18. Opportunity cost is very common in the economics alternativ
It refers to the selection of next best alternative by giving up other options for any good and services produced
A country is said to have comparative advantage if it produces at lower opportunity cost as compared to others
So among the given options, only option d is true
Other options are not talking about the selection of next alternative
24.
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Question 18 2 points Sav The term opportunity cost refers to the: Value of all the...
A production possibility frontier is made up from all of the combinations of two goods or...
A production possibility frontier is made up from all of the combinations of two goods or services that can be efficiently produced with the currently available resources and technology. True or False The PPF is curved (bowed) outward from the origin because resources are limited. True or False The slope of the PPF (in absolute value) shows the opportunity cost as production is switched from one good or service to another. True or False One can calculate the opportunity cost...
1 Which of the following is true? opportunity cost can be measured by the slope of...
1 Which of the following is true? opportunity cost can be measured by the slope of the PPC curve (frontier) productive or technical efficiency occurs anywhere on the production possibilities curve allocative efficiency occurs at a specific point (i.e. a specific mix of production) on the production possibilities curve (frontier) that is valued above all alternatives. all of the answers are correct none of the answers are correct 2 The opportunity cost of a good is the same as its...
4. Economists measure "cost" as the full "opportunity cost" (op cost) associated with any given use...
4. Economists measure "cost" as the full "opportunity cost" (op cost) associated with any given use of some set of resources. "Op cost" is measured as what is forgone by not putting these resources to their next best alternative use (i.e. the benefits that must be forgone elsewhere if the resources in question are to be used for this purpose instead). Suppose you get to a point where doing "one more unit" of something (such as pollution clean-up) incurs opportunity...
sestion 11 As more of a good, such as television sets, is produced, the opportunity costs...
sestion 11 As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because as more of a good is produced, the inputs used to produce that good will increase in price. consumers would be willing to pay higher prices for the good as more of the good is produced resources are not equally well suited to producing all goods, and as more of a good is produced, it...
12) The term that means the highest valued alternative given up when a person chooses to...
12) The term that means the highest valued alternative given up when a person chooses to engage in an activity is: 12) A) dollar cost. B) accounting cost. C) opportunity cost. D) explicit cost. 13) Scarcity: 13)_ A) is only a problem when a country has too large a population. B) is not a problem for the wealthy C) is due to unlimited wants and limited resources. D) all of the above 15) If your tuition for this term is...
please answer all Question 22 2.5 pts Which of the following will not cause the supply...
please answer all
Question 22 2.5 pts Which of the following will not cause the supply curve to shift? A technological change in the production of the good A change in the prices of other goods that producers could be producing A change in the costs of resources needed to produce the good A change in the price of the good 2.5 pts Question 23 A fall in the price of milk, used in the production of ice cream, will:...
MBA 603- Managerial Economics Chapter 1 Introduction Multiple-Choice Questions ) Which of the following is an...
MBA 603- Managerial Economics Chapter 1 Introduction Multiple-Choice Questions ) Which of the following is an example of how the question of"what goods and services to produce?" is answered by the command process? A) government subsidies for affordable housing B) laws regarding equal opportunity in employment C) government allowance for the deduction of interest payments on private mortgages D) government regulations concerning the dumping of industrial waste 2) Opportunity cost is best defined as A) the amount given up when...
Marginal cost is the opportunity cost of a good or service divided by the number of...
Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. If the United States can increase its production of automobiles...
eau ovCI tc uubti Question 18 GDP may be defined as: the monetary value of all goods and services, final and interm...
eau ovCI tc uubti Question 18 GDP may be defined as: the monetary value of all goods and services, final and intermediate, produced in a given year o the national income minus all nonincome charges against output the final monetary value of all goods and services produced in a country in a given year the monetary value of all economic resources used in the production of a year's output Previous
Question 5: (5 points) Using the PPC table below, calculate the opportunity cost of producing one...
Question 5: (5 points) Using the PPC table below, calculate the opportunity cost of producing one more of one good in terms of the other (as asked below), between each point (between A & B; B & C; etc.). Don't Include the negative sign or the words 'Capital' or 'Consumer' Combination Consumer Capital A 0 653 B 160 640 C 320 599 D 480 523 E 640 392 F 800 0 1. What is the opportunity cost of one consumer...
4. Economists measure "cost" as the full "opportunity cost" (op cost) associated with any given use of some set of resources. "Op cost" is measured as what is forgone by not putting these resources to their next best alternative use (i.e. the benefits that must be forgone elsewhere if the resources in question are to be used for this purpose instead). Suppose you get to a point where doing "one more unit" of something (such as pollution clean-up) incurs opportunity...
sestion 11 As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because as more of a good is produced, the inputs used to produce that good will increase in price. consumers would be willing to pay higher prices for the good as more of the good is produced resources are not equally well suited to producing all goods, and as more of a good is produced, it...
12) The term that means the highest valued alternative given up when a person chooses to engage in an activity is: 12) A) dollar cost. B) accounting cost. C) opportunity cost. D) explicit cost. 13) Scarcity: 13)_ A) is only a problem when a country has too large a population. B) is not a problem for the wealthy C) is due to unlimited wants and limited resources. D) all of the above 15) If your tuition for this term is...
please answer all
Question 22 2.5 pts Which of the following will not cause the supply curve to shift? A technological change in the production of the good A change in the prices of other goods that producers could be producing A change in the costs of resources needed to produce the good A change in the price of the good 2.5 pts Question 23 A fall in the price of milk, used in the production of ice cream, will:...
MBA 603- Managerial Economics Chapter 1 Introduction Multiple-Choice Questions ) Which of the following is an example of how the question of"what goods and services to produce?" is answered by the command process? A) government subsidies for affordable housing B) laws regarding equal opportunity in employment C) government allowance for the deduction of interest payments on private mortgages D) government regulations concerning the dumping of industrial waste 2) Opportunity cost is best defined as A) the amount given up when...
eau ovCI tc uubti Question 18 GDP may be defined as: the monetary value of all goods and services, final and intermediate, produced in a given year o the national income minus all nonincome charges against output the final monetary value of all goods and services produced in a country in a given year the monetary value of all economic resources used in the production of a year's output Previous
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