Opportunity cost accounts for alternative uses of resources such as time and money. After you have finished the quiz, click on the Grade my Quiz button at the bottom of the page. Practice question with answers. Select the correct answer by clicking on the appropriate button. III. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2232 times by avid quiz takers. Academic year. University. Also explore over 4 similar quizzes in this category. Abilities vs Abilities The opportunity cost of after school violin lessons at a particular school is the ability to join other after school activities such as baseball or the chess club. Quiz on the PPC, Opportunity Cost, and the Gains from Trade. d) I and III only. Quizlet - Hotkeys to Search Flash Cards by Accuracy - Press the 1-2-3-4 number keys to navigate large decks easily. Opportunity cost is equal to implicit costs plus explicit costs. 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. b) I c) III only. These questions are from Chapter 1 Section 2. Course. 2. Modern economists have rejected the labor and sacrifices nexus to represent real cost. Opportunity cost is often used by investors to compare investments, but the concept can be applied to many different scenarios. Opportunity Cost. Opportunity cost only measures direct monetary costs. Also explore over 4 similar quizzes in this category. For example, the opportunity cost of the burger is the cost of the burger divided by the cost of the bus ticket, or $\frac{2.00}{0.50}=4$ The opportunity cost of a bus ticket is: $\frac{0.50}{2.00}=0.25$ Let’s look at this in action and see it on a graph. 2017/2018 Swinburne University of Technology. Opportunity Cost. Try this amazing Trade Offs Opportunity Cost Quiz quiz which has been attempted 290 times by avid quiz takers. Practice Questions 2 - Opportunity Cost and Trade. Dayne Lee. I. Your score is neither recorded nor transmitted to your instructor. Directions This quiz contains 15 multiple choice questions. The opportunity cost of the new product design is increased cost and inability to compete on price. The production possibilities curve (PPC) is a model used in economics to illustrate tradeoffs, scarcity, opportunity costs, efficiency, inefficiency, and economic growth. Recognizing opportunity cost is useful to decision making in an economic setting as well as in life. II. Economic Principles (ECO10004) Uploaded by. Get help with your Opportunity cost homework. Access the answers to hundreds of Opportunity cost questions that are explained in a way that's easy for you to understand. What if we change the price of the burger to $1? 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