(1) The opportunity cost of an activity is the lowest valued alternative forgone as the result of choosing that activity. (II) Opportunity cost is subjective; it can be determined only by the person who chooses among the alternatives. Both I and II are true. b. I is true; II is false. I is false; II is true. d. Both I and II are false. a, с.

(1) The opportunity cost of an activity is the lowest valued alternative forgone as the result of choosing that activity. (II) Opportunity cost is subjective; it can be determined only by the person who chooses among the alternatives. Both I and II are true. b. I is true; II is false. I is false; II is true. d. Both I and II are false. a, с.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 3SQ

See similar textbooks

Similar questions

Opportunity cost is the cost of next best foregone. Explain true or false.
13. What is opportunity cost? Give with example?
Beverly spends $100 on a teeth whitening kit. After one application, her gums are inflamed and it feels like her mouth is on fire. Beverly is trying to decide whether to apply the treatment again, or throw the kit away. The opportunity cost of a second application is: Question 47 options: a $100.00 b the pain and suffering involved with the second application. c $100 + the pain and suffering involved with the second application. d $100 + the pain and suffering involved with the first and second application.
In the use of the resources, it is important to any the concept of opportunity cost . Define oportunity cost in economic terms
Define the concept of scarcity. Explain the significance of this concept in relation to the concept of opportunity cost. Is opportunity cost and sacrifice the same thing? Would you say that a sacrifice represents the cost of a particular decision
Attempts Average / 1 6. Scarcity, opportunity cost, and marginal analysis Darnell is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Darnell has only 20 hours this week that he can devote to training. Each hour he spends swimming is an hour that he can't spend biking or running. Which basic principle of individual choice do the statements best illustrate? People face trade-offs. Darnell can use time most efficiently by spending the same amounts of time on swimming, biking, and running. People usually exploit opportunities to make themselves better off. Darnell has an incentive to spend more time on swimming than on biking or running. O O O
Question 11 ) Listen Suppose you have a $20 Amazon gift card with which you can buy (download) songs or videos. Songs cost $1.00 each and videos cost $2.00 each. The opportunity cost of one video: a) is constant and equal to ½ song. b) is constant and equal to 2 songs. c) is $1.00. d) increases as more videos are purchased Question 12 ) Listen Which of the following is NOT true? 1) Economists view the world through the lens of scarcity. 2) The perpetual problem of scarcity forcing people and society to make choices is the basis for the definition of economics. 3) Most of the disagreement among economists involves normative economics. 4) Rationality means that choices must be made generally the same among individuals.<-- Question 13 ) Listen Which of the following does not correctly explain about the purposeful behavior that reflects "rational self- interest? O a) Sellers try to make the most profits possible from the sales of their products as many as possible. b) Consumers spend their…
Suppose Liam's Automotive, a repair shop: offers two items: oil changes and tires. With all employees working diligently, the shop can produce these combinations each hour. Type of Product: Production Alternatives A B C D E Oil Changes 0 10 20 30 40 Tires. 80 60 40 35 0 Calculate the opportunity costs of moving from one point to each of the others (This is not a calculation provided in the text: What's the tradeoff?): Provide the answers after showing all work, and explain if theses costs are constant. What would it mean if the shop was actually doing 15 Oil Changes and 35 Tires? What would it mean if the shop was actually doing 35 Oil Changes and 35 tires?
10. What is an opportunity cost? Give an example from class or make up your own. Definition: Example:
Number shown is incorrect. Please explain how to calculate opportunity cost
Describe the opportunity cost approach?
How does the concept of opportunity cost apply to personal decisions when you have limited income and time? Provide an example.