Get help with your Opportunity cost homework. D)$10,300. Which of the following statements about opportunity cost is TRUE? Quiz on the PPC, Opportunity Cost, and the Gains from Trade. If your friend chooses to quit work for a whole year to go back to school, for example, the opportunity cost of this decision is the year’s worth of lost wages. C)$6,000. The opportunity cost of investing in the stock market is the assurance that their money will increase; they choose to forgo that security in favor of a possible higher return on investment. Click to see full answer. III. a) The opportunity cost of producing an additional unit of each commodity expands. b) The opportunity cost of producing an additional unit of each commodity decreases as production of the commodity expands. Opportunity cost accounts for alternative uses of resources such as time and money. B)$4,300. Select the correct answer by clicking on the appropriate button. During these four years Jenn could also do any number of things, including: Opportuni 1. These questions are from Chapter 1 Section 2. Opportunity cost is equal to implicit costs plus explicit costs. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2275 times by avid quiz takers. III. Directions This quiz contains 15 multiple choice questions. Your score is neither recorded nor transmitted to your instructor. Consequently, which would be an example of an opportunity cost? After you have finished the quiz, click on the Grade my Quiz button at the bottom of the page. What it means by opportunity cost is “the cost of something in terms of a given opportunity.”An individual might be able to afford a family trip if only the family doesn't buy a new computer. Work to gather savings and career experience. Lecture Notes from Chapter 1 of Stacy Aschenbeck's class. II. a) I, … I. And so that would be four over eight is 1/2 of the energy to make a car is equal to the energy to make a belt. Access the answers to hundreds of Opportunity cost questions that are explained in a way that's easy for you to understand. Opportunity cost only measures direct monetary costs. The example of an opportunity cost is not being able to afford a family trip because the family buys a computer. The opportunity cost of attending summer school is A)$3,300. Opportunity Cost. Jenn won a free ride to four years of college. And so the opportunity cost … Travel the world. Sample/practice Exam, Questions and Answers, Quiz, Activity Chapters, 1-8,12-14 Essay "Homework 1 to 14" Seminar assignments- 21-29 2015/2015 Systems Analysis in Agriculture (AGSM 301) ECON103 Final EXAM Study Guide Principles of marketing chapter 2 notes Lecture Notes for Exam 4 Book Notes - Summary Examination 1 Notes … 7/24/2019 Test: Microeconomics Chapter 1 | Quizlet 2/4 1. opportunity cost INCORRECT No answer given THE ANSWER E. the cost of a good or service measured in terms of the forgone opportunity to pursue the best possible alternative activity with the same time or resources (gather coconuts vs catch fish or drive a car vs not) 2. microeconomics So my opportunity cost of a car is two belts. Suppose you decide to 47) 48)On Saturday morning, you rank your choices for activities in the following order: go to the library, work out at the gym, have breakfast with friends, and sleep late. * Apps th VCC Q Your Sets | Quizlet GeoGebra | Free M. cost practice-questions Login-ampEducator Math Pearson Economics related 2. Recognizing opportunity cost is useful to decision making in an economic setting as well as in life. Also explore over 4 similar quizzes in this category. Opportunity cost is often used by investors to compare investments, but the concept can be applied to many different scenarios. c) The opportunity cost of producing an additional unit of each commodity increases as production of the commodity expands. And if I start with this original equation and just divide both sides by eight, I would solve for the energy for a belt. II. Afford a family trip because the family buys a computer have finished quiz. 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