Q. Max is studying for his spelling test. D)an opportunity cost 40) 41)The term used to emphasize that making choices in the face of scarcity involves a cost is A)utility cost. Opportunity cost only measures direct monetary costs. Answer: Because Angela’s productivity in pot and mug production is constant – it doesn’t depend on how many mugs or pots she is making. This quiz is a series of math problems and will present you with a variety of situations about individuals or groups facing two choices. What is the opportunity cost of his decision? III. Reach the audience you really want to apply for your teaching vacancy by posting directly to our website and related social media audiences. All the following questions are from previous exams for Economics 103. Sample Question 1 You work in the PMO of a mid-sized company. The opportunity cost of earning during the colleage years is low. C)accounting cost. Fax: +44 01937 842110, We’re proud to sponsor TABS Cricket Club, Harrogate Town AFC and the Wetherby Junior Cricket League as part of our commitment to invest in the local community, Company Reg no: 04489574 | VAT reg no 816865400, © Copyright 2018 |Privacy & cookies|Terms of use, Revision Activities: MCQ Questions - Answers Explained, Scarcity and Opportunity Cost [Head Start in A-Level Economics], Evaluating Supply Side Policies (Online Lesson), Introduction to Economics and the Operations of Markets - take the Yes/No challenge, Introduction to economics - Clear The Deck Key Term Knowledge Activity, Production Possibility Curve - Shifts in the PPC, Production Possibility Curve - Movements along the Curve, Introduction to Economics - 60 Second Challenge (Knowledge Retrieval Activity), Nature of Economics - Introductory Concepts, Foundations of Economics - 'Loose Change' activity, PPF Analysis: Ways to Increase the Labour Supply, PPF - An Inward Shift (Chain of Analysis). These questions have almost, or even similar characteristics to PMP exam questions. SWBAT identify the opportunity cost in an economic choice and justify it making a choice. They are Project Diamond with an NPV of Rs.15,00,000, Project Gold with an NPV of Rs 17,00,000 and Project … Some of them merely … Project A with Net Present value (NPV) of . Economic Principles (ECO10004) Uploaded by. Project A would have a NPV of US$100,000, Project B would have a NPV of US$120,000 while Project C would have a NPV of US$50,000. A)the question "what." HOMEWORK Reading and MC questions. Your PPM tool shows that there are currently 3 new projects waiting for selection. 4 different types of candy, gum, or crackers, cookies, snacks etc. Read chapter 1.3 of the textbook, here:… (B) $175. EXIT SLIP . The opportunity cost of additional 20,000 gallons of milk is 1,000 cars. | 14 B. opportunity cost C. necessity for choice D. allocative efficiency E. all of the above are illustrated Use the table below to answer question number 2 "Guns" 0 : 100 : 200 : 300 : 400 : 500 "Bread" 1000 : 900 : 750 : 550 : 300 : 0: 2. C. the income which could have been earned by a college student had he or she worked full time instead of attending college. Let’s explain the same with the help of an example: Costa Rica a developing nation holds a National debt of $3000 billion and requires paying an interest bill on the national debt that amounts to$340 billion annually. Work-leisure choices: The opportunity cost of deciding not to work an extra ten hours a week is the lost wages foregone. III. Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Therefore, his opportunity cost is the future price of his stocks which may be more or less than USD 15,000 or even lesser than USD 10,000. D)substitution cost. 2017/2018 West Yorkshire, For the exam opportunity cost is usually a monetary value. 29. If the job market is bad, your net income will be lower if you get a job, which lowers the opporunity cost Questions and answers on opportunity cost. Because it is a 3 marks question – appropriate example of choice must be given. Our online opportunity cost trivia quizzes can be adapted to suit your requirements for taking some of the top opportunity cost quizzes. A comprehensive database of opportunity cost quizzes online, test your knowledge with opportunity cost quiz questions. Practice question with answers. Consider the above production possibilities table. The opportunity cost of increasing the production of apple pies from 12 to 14 pies is ---pies. (A) opportunity cost (B) utility (C) marginal cost (D) scarcity 28. The opportunity cost of an action is (A) the monetary payment the action required. Solution for The opportunity cost of writing 1 exam paper for Gary and Evelyn is: (Need help? PMP Exam Questions; PMP books; Search form. Let us take a look at a few sample questions based on this concept. Visual 2: Discussion Questions: Choosing a Snack. 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B)money C)giving up something for nothing. Handout: Practice with Opportunity Cost. You have to select between four projects. Which of the following statements about opportunity cost is TRUE? Exam 2018, questions and answers. Business Strategy. A mock exam question on opportunity cost: You are the working in the PMO of your organization and there are three project proposals submitted.
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