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Opportunity Cost




1.;Refer to the above table. What is the opportunity cost of the third unit of capital goods;A) 3 units of consumer goods.;B) 4 units of consumer goods.;C) 6 units of consumer goods.;D) 5 units of consumer goods.;Review;2.;A society producing the right goods and right amounts is achieving;A) "least-cost" efficiency.;B) productive efficiency.;C) fuel efficiency.;D) "most-wanted" efficiency.;Review;3.;The term "ceteris paribus" means;A) that if event A precedes event B, A has caused B.;B) prosperity inevitably follows recession.;C) that economics deals with facts, not values.;D) other things equal.;Review;4.;The French term "laissez-faire" means;A) "there is no free lunch.;B) "let it be.;C) "public ownership.;D) "circular flow.;Review;5.;Suppose output is growing in a specific competitive industry. Which of the following most likely represents the market conditions in this industry?;A) Economic profits are negative.;B) There has been decreased demand for product or service.;C) The industry is in equilibrium (settled).;D) Economic profits are positive.;Review;6.;Macroeconomics can best be described as the;A) analysis of how firms attempt to maximize their profits.;B) study of the large aggregates of the economy or the economy as a whole.;C) study of how supply and demand determine prices in individual markets.;D) analysis of how a consumer tries to spend income.;Review;7.;Too less spending" may reduce employment because;A) of irrational behavior.;B) marginal benefit is greater than marginal cost.;C) producers respond with a lower output.;D) of lower interest rates.;Review;8.;Marginal means;A) usefulness.;B) satisfaction.;C) efficient.;D) additional.;Review;9.;Economics is a social science that studies how individuals, institutions, and society may;A) Attain a minimum level of unemployment;B) Expand the amount of productive resources available to them;C) Reduce the prices of goods and services to consumers;D) Best use scarce resources to achieve the maximum satisfaction of economic wants;Review;10.;Opportunity cost is best defined as;A) The time spent on an economic activity;B) Marginal cost minus marginal benefit;C) The value of the best forgone alternative;D) The money cost of an economic decision


Paper#35219 | Written in 18-Jul-2015

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