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
courseworkresearch.com is an online academic writing platform that provides extensive assistance to graduate school students as they work through their research projects, papers and dissertations. courseworkresearch.com gives students access to experienced professionals who can provide the help they need in a timely and efficient manner. The service offers a wide range of services, including editing, proofreading, formatting, researching and more that can give students the confidence they need to write the perfect paper or dissertation for their chosen subject matter.
Services Offered by courseworkresearch.com
courseworkresearch.com offers a wealth of different services designed to make research projects easier for graduate school students. These include editing, proofreading, formatting and researching services, all tailored specifically for graduate-level studies such as PhDs or Master’s degrees in any field from business administration to engineering or even psychology – all with the aim of helping busy students find success in their academics without having to sacrifice other important commitments like family time or work hours towards earning a living wage outside of college hours.
The Benefits of Using courseworkresearch.com
Using courseworkresearch.com gives you access to experts from all over the world who are highly qualified and experienced in helping graduate-level students to complete successful projects in various fields quickly and efficiently – something that would otherwise be difficult, if not impossible, given tight deadlines associated with most Ph.D./Master’s degree programs today. Moreover, using this platform makes it easier for students to keep up with multiple research tasks simultaneously since there are so many different experts available on tap at any one time – no longer will you have to put off studying one topic while focusing on another because of lack of resources! Additionally, having access to professional editors, proofreaders, but also formatters means that quality control standards aren’t sacrificed when finishing major pieces – since these individuals understand what makes up good academic writing better than anyone else and can offer guidance on how best one should go about making improvements along those lines. Finally, there is also an added cost-saving benefit associated with utilizing coursework research essays compared to hiring an independent contractor (which could potentially run into thousands depending on length/complexity).
This service allows users only pay for what students need, which tends to be much lower overall because customers pay per hour rather than project basis, thus resulting to greater financial flexibility, especially for those just starting out postgraduate studies looking to conserve some pennies here there whenever possible!