The following is a rank ordering of how Allie would prefer to spend her time this evening: (1) Study economics, (2) go to a concert, (3) do laundry, and (4) exercise. If she chooses to study economics, what the opportunity cost of studying? * a)The sum of going to a concert, doing her laundry, and exercising. b)The benefits she forgoes by not going to the concert. c)Zero d)None of the above.

The following is a rank ordering of how Allie would prefer to spend her time this evening: (1) Study economics, (2) go to a concert, (3) do laundry, and (4) exercise. If she chooses to study economics, what the opportunity cost of studying? * a)The sum of going to a concert, doing her laundry, and exercising. b)The benefits she forgoes by not going to the concert. c)Zero d)None of the above.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 2SQ

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Similar questions

What is an opportunity cost? How does the idea relate to the defifinition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain.
The production possibilities curve illustrates the basic principle that: Question 70 options: an economy automatically seeks that level of output that employs all of its resources any production point below the curve reflects high opportunity cost the production of more of any one item will in time require smaller and smaller sacrifices of other items if all the resources of an economy are fully used, more of one item could be produced only if less of another item is produced any production point above the curve reflects low opportunity cost
Jim can produce 60 units of Jell-O or 12 beets in a day. Dwight can produce 75 units of Jell-O or 25 beets in a day. Based on the above information, Jim’s opportunity cost of producing one unit of Jell-O is how many beets?
If a family spends its entire budget in a given time frame, the family can afford either 95 cans of vegetables or 40 frozen dinners. Assuming the family spends its entire budget on just these two goods, what is the opportunity cost of a can of vegetables in the time frame?
Which of the following is illustrated by a production possibilities curve that is "bowed out" or concave to the origin? options: a trade-off in which the opportunity cost of a good decreases with the level of its production a trade-off in which the opportunity cost of a good increase with the level of its production a trade-off in which the opportunity cost of a good is constant at all levels of production the fallacy of composition
Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year.Assume that if you decided not to go to college, your parents would let you live at home for free.Including the opportunity cost, what is the cost of attending four years of college? $
Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $.75 and the price of peanuts is $1.50. Plot the data in your table as a budget line in a graph. What is the slope of the budget line? What is the opportunity cost of one more candy bar? Of one more bag of peanuts? Do these opportunity costs rise, fall, or remain constant as each additional unit of the product is purchased?
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Suppose a wedge of cheese is $10, and a loaf ofbread is $5. What is the opportunity cost of purchasing a wedge of cheese (in terms of bread)?Explain what happens to the opportunity cost ofpurchasing a wedge of cheese (in terms of bread)if your income decreases by 20 percent.
Which one is false? Explain why that is false. 1. The production possibilities curve is a simple device for summarizing the possible combinations of output that a society can produce if it employs its resources efficiently. 2. One person has a comparative advantage over another in the production of a good if she or he can produce more of that good than the other person. 3. The Cost-Benefit Principle says that a person should take an action if, and only if, the benefit of that action is at least as great as its cost. 4. Market equilibrium occurs when the quantity buyers demand at the market price is exactly the same as the quantity that sellers offer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure
Answer the given question with a proper explanation and step-by-step solution. Which of the following choices correctly illustrates how changes in opportunity costs affect supply? A) A farmer produces corn and wheat. The price of wheat rises, so he shifts his resources toward wheat and the supply of wheat rises. B) A fisherman fishes for lobsters and oysters. The price of lobsters rises, so he decides to spend more of his time fishing for oysters because he can make the same amount of money with fewer lobsters. C) A textbook for economics becomes cheaper, so more students opt to buy that particular textbook. D) Milk and cereal are complementary goods, so when the price of cereal falls, the quantity supplied of milk rises.
Refer to the following production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based? b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Which characteristic of the production possibilities curve reflects the law of increasing opportunity costs: its shape or its length? c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 forklifts, what could you conclude about its use of its available resources? d. Is production at a point outside the production possibilities curve currently possible? Could a future advance in technology allow production beyond the current production possibilities curve? Could international trade allow a country to consume beyond its current production possibilities curve?