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Solved > 1) The economizing process (choosing from among alternatives:1923577 …

 

1) The economizing process (choosing from among alternatives to maximize benefits)

A) applies only to consumers.

B) applies only to privately-owned firms.

C) applies only to producers.

D) is the same for producers as it is for consumers.

2) The concept of “opportunity cost” helps us explain the choices of

A) consumers only.

B)  producers only.

C) greedy people only.

D) politicians only.

E) any individual.

3) The opportunity cost of an action is

A) everything that makes an action possible.

B) the monetary payments that make an action possible.

C) the sum of the human efforts that contribute to an action.

D) the value of the next-best alternative that must be sacrificed to take the action.

4) The cost of an action is

A) indeterminate from a strictly economic point of view.

B) the value of the next-best alternative opportunity sacrificed

C) the cost to the consumer plus the cost to the producer.

D) the number of consumers needed to set the price.

E) measured only in money.

5) Lisa decided to give up being on the soccer team for piano lessons. Her opportunity cost of pursuing piano lessons is

A) zero, as long as someone other than Lisa pays for the lessons.

B) zero, as long as someone other than Lisa paid for her soccer fees and equipment.

C) the satisfaction Lisa had enjoyed by being on the soccer team.

D) the satisfaction Lisa enjoys by studying the piano.

E) both A and B above.

6) Ron regularly deposits $200 each week into a savings account, which earns 3% interest per year. This month he decides instead to invest $200 into the stock market. What is the opportunity cost of Ron’s decision to invest rather than save?

A) $200

B) The 3% interest he could have earned by depositing another $200 into his savings account

C) The difference between the rate of return he enjoys in the stock market and the 3% interest return he could have earned by depositing that $200 into his savings account

D) Zero, because Ron already had the $200

7) Which is the most likely reason why more students continue on to graduate school when the economy is in bad shape and job prospects are poor?

A) They finally see the value of continuing their education.

B) They are pressured by parents to stay in school a few more years.

C) Their opportunity cost of attending college has fallen.

D) They are irrational in this case, as they will have to take on more debt to finance the graduate degree.

8) Which is the most likely reason why more young people from low-income regions are more likely to join the military, compared to those in high income regions?

A) They are more easily pressured by recruitment officers.

B) Their opportunity costs are relatively lower.

C) They are more patriotic than their richer counterparts.

D) They are, to put it bluntly, more foolish than their richer counterparts.

9) Suppose a student is attending your college on an athletic scholarship, and doesn’t pay a penny for tuition. According to the economic way of thinking, the student’s cost of attending college is

A) zero.

B) bore completely by the college’s athletic fund.

C) positive, because the student sacrificed some other opportunity to attend your college.

D) positive, because the student still needs food and housing.

E) negative, because nobody really gains by trying to combine athletics with higher education.

10) It is impossible to figure out the “true” or “final” cost of getting an education at public schools because

A) no one has an incentive to keep accurate figures.

B) an education at any public school is in most, if not all cases, a free good.

C) an education is necessary.

D

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