Name MULITPLE CHOICE QUESTIONS- 1.Opportunity cost is the a) cost incurred when
ID: 1129917 • Letter: N
Question
Name MULITPLE CHOICE QUESTIONS- 1.Opportunity cost is the a) cost incurred when one fails to take advantage of an opportunity b)cost incurred in order to increase opportunities c)cost of the best option forgone as a result of choosing an alternative d) drudgery of the undesirable aspects of an option 2. Factors of production are a)the inputs in the production process b)weather, social and political conditions that affect production o)the relationship between inputs and outputs d)none of the above 3.The production possibility frontier or curve is aja map showing the cultivation areas of a country b)a graphic representation of various outputs that an economy produce with available resources ca map showing which areas of the world have a capitalist economy d)Can never shift upward. 4.A perfectly competitive firm is aja price giver b)a price taker c)a price maker d)a price leader S.The area between the market price and the demand curve provides a measure of a)consumer surplus b)producer surplus cjmarginal utility d)deadweight loss from free tradeExplanation / Answer
1. OPTION C
2. OPTION A
3. Option B
4. Perfectly competitive firms are price takers and not price makers.
OPTION B
5. OPTION B
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