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- Is the opportunity cost of an action a subjective evaluation?A student trying to maximize her semester GPA uses all her time to study. She splits her time equallybetween studying for economics and literature. An extra hour spent studying economics will raise her GPA by 0.5. An extra hour spent studying literature will raise her GPA by 0.25. Should she use her time differently? Select one: a. With the given information, it is impossible to determine whether she should reallocate her time. b. She should not reallocate her study time at all. c. She should spend more time studying economics and less time studying literature. d. She should spend more time studying literature and less time studying economics.Is it the possible for a person incur an opportunity cost without spending money?
- Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good BAs the environment changes, the assumptions on which the goals were based, and ultimately the goals themselves, can become relevant Select one: O True O FalseThe graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 A 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Select one: Refer to the graph above to answer this question. If new technology increased the output of quirks by 50%, how many quirks could be produced if 700 quarks were produced? B A. 9 quirks. B. 18 quirks. C. 10 quirks. D. 20 quirks. E. No quirks.
- Describe the opportunity cost approach?Which of the following is NOT the way you can understand interaction effects? a. by graphing the cell means b. through inspecting cell means c. through inspecting marginal means d. by a verbal description of resultsConsider the table. What is the opportunity cost of changing from Choice B to Choice C? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to a b EM.26 C d 4 pizzas 2 salads 3 salads 3 pizzas Choice A B с D E ect an answer. Number of Pizzas 2 4 6 8 10 Number of Salads 20 18 15 11 6
- 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…You go to the movieplex where movies ordinarily cost $9. You are intending to see a movie for which you have a $3 off coupon, which is good for only that movie at that time. However, when you get there you see a friend who asks if you would rather see a new release. Both movies start and end at the same time. If you decide to see the new release with your friend, what is your opportunity cost? a. The amount you value the first movie + $9 b. $3 c. The amount you value the first movie + $3 d. $9It’s Friday night. You already have a ticket to aconcert, which cost you $30. A friend invites youto go out for a game of paintball instead. Admission would cost you $25, and you think you’d get$25 worth of enjoyment out of it. Your concertticket is nonrefundable. What is your opportunitycost (in dollars) of playing paintball?
