Opportunity Cost Answers

Economists state that every decision involves trade-offs. Economists measure and define these trade-offs as: a.productions possibilities curve.c.circular flow of economic activity. b.paradox of value. d.opportunity costs.

When deciding between two alternatives, an individual considers___________.a.being at the marginc.the"guns and butter" ratiob.the scarcity of production of the alternativesd.the sacrifice involved with choosing one over the other

For high school graduation, Ryan’s family is giving him a choice between two presents that are both worth $900. He can choose either a new laptop that’s loaded with graphic design programs he will need for art school, or he can choose to go to a surf camp in Mexico with three of his best friends from high school. What is the opportunity cost if Ryan chooses the laptop? a. Getting a head start on learning the software he will be using for school. b. The remaining cost of the tuition for the first year of art school c. The cost of additional software and accessories for the laptop d. The shared experience and memories with high school friends before they part ways Please select the best answer from the choices provided

Please select the word from the list that best fits the definition

The government of a country must make a decision between spending money on a hospital or spending the same amount on border security. What kind of decision is this?a.guns or butterc.global trade-offb.decision at the margind.production efficiency decision

Please select the word from the list that best fits the definition

An opportunity cost is a type of

“Choosing is Refusing” means individuals face an opportunity cost with each decision they make.

What can a decision-making grid do?a.tell you the right course of actionb.show you every possible consequence of your decisionc.help you determine some of the opportunity costs for your decisiond.show you every possible benefit of your decision

A person has a choice between an apple or an orange. The person chooses the apple. What is the opportunity cost of choosing the apple? a.There is no opportunity cost.c.The utility of the apple. b.The value of what was not chosen.d.The scarcity of oranges.