Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 2, Problem 12E
To determine
The option with regards to
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Please explain opportunity costs
Why should the economic decision be based on the objective of making the best use of limited resources?
production possibilities frontier can shift outward if
Select one:
a.
government increases the amount of money in the economy.
b.
there is a technological improvement.
c.
the economy abandons inefficient production methods in favour of efficient production methods.
d.
resources are shifted from the production of one good to the production of the other good.
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Similar questions
Identify and describe the opportunity cost of an activity that you enjoy. Remember to consider everything you must give up to take part in this activity.
Using opportunity cost and benefits, demonstrate how someone might decide whether to participate in your activity or not.
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You can spend spring break either working at home for $80 per day for five days or go to Guam for the week. If you stay home, your expenses will total about $100. If you go to Guam, the airfare, hotel, food, and miscellaneous expenses will total about $700. What’s your opportunity cost of going to Guam?
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True or False
Opportunity costs are roughly the same for everyone who attends college.
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You can spend spring break either at home working for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, the hotel, food, and miscellaneous expenses will total about $700. What’s your opportunity cost of going to Flordia?
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Your group won $100 from a Tiktok dance challenge. You have a choice between spending the
money now and putting it away for a year in a bank account that pays 5 percent interest. What is
the opportunity cost of spending the $100 now? (support your answer with computations and
discussion)
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Soybean (bushels per year) Chicken (Pounds per year) 500 0 400 300 200 500 0 600 9.) If the farm uses its resources efficiently, what is the opportunity cost of an increase in chicken production from 300 pounds to 500 pounds a year? Explain your answer.
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describe an important trade-off that you recently faced and give an example of some action that has either monetary or non monetary opportunity cost
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The production possibilities frontier is a simple model which tells us something about what output is possible based on the resources and technology we presently have, but does the production possibilities frontier say anything about how the community should distribute its production of boats and trucks to the members of society?
Question 9 options:
A)
Yes
B)
No
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What is the per-unit opportunity cost of product Y as production moves from point D to point A?
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Identify three categories of opportunity costs that you will incur for getting a university degree.
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A production possibilities curve that is concave to the origin (bowed out) implies that as more of a good is produced, the opportunity cost
(A) remains constant
(B) decreases
(C) decreases at first and then increases
(D) increases
(E) increases at first and then decreases
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If your tuition is $5,000 this semester, your books cost $600, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $3000 this semester (same as if not attending college), then your opportunity.
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