Question 1
What does moving from one point to another on the Production Possibilities Curve (PPC) involve?
Question 2
What are Peggy Smith's total opportunity costs of going to college if tuition and fees are $4600 and lost wages are $12000?
Question 3
Which of the following is an explicit cost?
Question 4
Which of the following is an implicit cost?
Question 5
What does TANSTAAFL stand for?
Question 6
What occurs when Total Benefits exceed Total Costs in cost-benefit analysis?
Question 7
In the example of going to a movie, if the explicit costs sum to $30 and lost wages are $60, what is the total opportunity cost?
Question 8
What is the definition of opportunity cost?
Question 9
From the example, moving from 65 capital goods and 35 consumer goods to 30 capital goods and 75 consumer goods results in the loss of how many capital goods?
Question 10
In the second example, what was the net benefit of getting a haircut with a cost of $20 and a benefit of $15?
Question 11
What is included in a Cost-Benefit Analysis?
Question 12
How do you calculate total opportunity cost?
Question 13
Which costs are considered non-relevant when calculating opportunity cost?
Question 14
When is it rational to make a choice according to cost-benefit analysis?
Question 15
In the first example, what was the net benefit of building a park with a cost of $1 million and a benefit of $1.5 million?