A. the cost incurred in the past before we make a decision about what to do in the future.
B. a cost that cannot be avoided. regardless of what is done in the future
C. that which we forgo, or give up, when we make a choice or a decision.
D. the additional benefit of buying an additional unit of a product
Related Mcqs:
- The concept of opportunity cost ?
A. is relevant only for a capitalist economy like the United States.
B. Suggests a major increase in public health care spending means an expansion in other areas will be harder to achieve.
C. Suggests all our wants can be achieved.
D. Would be relevant if we eliminated poverty - The opportunity cost of a good is______________?
A. the time lost in finding it
B. the quantity of other goods sacrificed to get another unit of that good
C. the expenditure on the good
D. the loss of interest in using savings - Suppose you find Rs 20. If you choose to use the Rs 20 to go to a football match your opportunity cost of going to the game is ?
A. nothing because you found the money.
B. Rs20 (because you found the money Rs 20 to buy other things) plus the value of your time spent at the game.
C. Rs 20 (because you could have used the Rs 20 to buy other things) plus the value of your time spent at the game plus the cost of the dinner you purchased at the game.
D. Rs20 (because you could have used the Rs20 to buy other ghings)
E. None of these - Which of the following is not part of the opportunity cost of going on holiday ?
A. The money you spent on a theater show
B. The money you could have made if you had stayed at home and worked
C. The money you spend on airline tickets
D. the money you spent on food - The opportunity cost of a student is____________?
A. Course fees and rent
B. A loan from the bank
C. What the student could have earned in the best job available by not studying
D. What the student will earn after graduation - The opportunity cost of holding money is determined by ?
A. the discount rates
B. the level of aggregate output
C. the interest rates
D. the inflation rates - If an economy moves from producing 10 units of A and 4 units of B to producing 7 As and 5Bs The opportunity cost of the 5th B is ?
A. 7As
B. 10As
C. 3As
D. 1A - As the wage rate per hour increases, the opportunity cost of leisure ?
A. remains constant
B. increases since the cost of forgoing one hour of work increases
C. decreases since the customer now has more income to spend
D. may increase of decrease depending on the individual’s preferences. - The opportunity cost of one DVD in Japan is ?
A. One ton of steel
B. Two tons of steel
C. Three tons of steel
D. Four tons of steel - The opportunity cost of one DVD in South Korea is ?
A. One-half ton of steel
B. One ton of steel
C. One and one-half tons of steel
D. Two tons of steel
