The following table lists the costs incurred by a student attending a public uni

Question

The following table lists the costs incurred by a student attending a public university for one semester:

Tuition and Fees
$2,500
Room and Board $950
Books and supplies $ 600
Lost wages $6,000

What is the total opportunity cost that the student incurs by attending college for one semester?

Question 1 options:


$3,100


$6,000


$ 10,050


$3,450
Question 2 (1 point)
Question 2 Unsaved
Whenever a society forgoes current consumption in order to invest in capital goods,
Question 2 options:


the easier it will be for the society to consume less in the future because people will become accustomed to lcss.


the more the society can consume in the future.


the less capital the society can produce in the future.


the less society can consume next year.
Question 3 (1 point)
Question 3 Unsaved

The division of labor increases the output of society by
Question 3 options:


allowing resources to specialize in the tasks for which they have a comparative advantage.


eliminating scarcity.


eliminating decreasing returns.


allowing specialization based on the concept of absolute advantage.
Question 4 (1 point)
Question 4 Saved
A production possibilities curve represents:
Question 4 options:

all possible combinations of output that could be produced assuming changing lechnology.


all possible combinations of output that could be produced assuming fixed productive resources and their efficient use.

all possible combinations of output that could be produced at zero opportunity cost.

the notion that greater quantities of all goods may be produced.
Question 5 (1 point)
Question 5 Unsaved

Economic growth implies:
Question 5 options:


opportunity costs are decreasing.


you can only have more of one good by having less of another.


you can now have more of all goods.


fewer resources are available.
Question 6 (1 point)
Question 6 Saved
Why do economists avoid making the distinction between wants and needs?
Question 6 options:


Individual wants are limited making it easier for economists to address this concept.


Every individual has exactly the same set of needs. Economists consider individual wants because they differ from one individual to another.


The term need is subjective making it difficult to di stinguish between something someone wants and something they need.


Individual needs do not exist so it is necessary to only consider individuals' wants.
Question 7 (1 point)
Question 7 Unsaved

Each individual must make choices because
Question 7 options:


resources are limited and therefore cannot satisfy one's many competing wants.


needs are more important than wants.


even if one's wants are completely satisfied, insufficient time ex ists to fully enjoy all of them.


wants are sometimes mixed up with needs.
Question 8 (1 point)
Question 8 Saved

Which of the following statements is true?
Question 8 options:


Everyone can benefit when people specialize where they have a comparative advantage and then trade with each other.


Comparative advantage applies to nations but not to people.


Specialization affects interstate trade but not in international trade.


Special ization affects international trade but not interstate trade.
Question 9 (1 point)
Question 9 Saved

Opportunity cost:
Question 9 options:


only is considered for goods in short supply.


is the value of all alternatives forgone as a result of choosing some given alternative.


is the value of the next best alternative as a result of choosing some given alternati ve.


either B or C.
Question 10 (1 point)
Question 10 Saved

Which of the following statements about production possibilities curves is not true?
Question 10 options:


A linear production possibilities curve illustrates the concept of efficiency.


A production possibilities curve illustrates the concept of scarcity.


A linear production possibility curve illustrates the concept of increasing opportunity costs.


A production possibilities curve illustrates the concept of opportunity cost.
Question 11 (1 point)
Question 11 Unsaved

Greater economic growth is shown as
Question 11 options:


the distance the production possibilities curve shifts outward.


a more curved (more bowed) production possibilities curve.


a closer distance to the origin of the production possibilities curve.


a steeper slope of the production possibilities curve.
Question 12 (1 point)
Question 12 Unsaved

Factors of production include:
Question 12 options:


hydrogen, oxygen and carbon.


land, human capital, financial capital, and technology


land, labor, physical capital, human capital and entrepreneurship.


materials, energy and organization
Question 13 (1 point)
Question 13 Unsaved

The existence of scarcity requires:
Question 13 options:


greater scientific advancements occur to eliminate it.


that the government allocates resources.


that people must make choices and face trade-offs in using their resources.


having unfulfilled wants during times of economic depression.
Question 14 (1 point)
Question 14 Unsaved

Specialization and comparative advantage:
Question 14 options:


lead to greater productivity


lead to greater output even if you can do everything better than someone else.


lead to international trade and overall gains for the nations involved.


all of the above.
Question 15 (1 point)
Question 15 Unsaved
Scarcity arises because
Question 15 options:
1)
resources are finite and are inadequate to meet all human wants and needs.
2)
import taxes depress the rate of growth of goods and services production.
3)
international companies are slow to explore for new resources.
4)
many countries waste goods because of inefficient political systems.
Question 16 (1 point)
Question 16 Unsaved
Scarcity refers to
Question 16 options:
1)
the ability of society to employ all of its resources.
2)
the ability of society to consume all that it produces.
3)
the inability of society to satisfy all human wants because of limited resources.
4)
the inability of society to eliminate poverty.

Explanation / Answer

ans 1. 6000 ans 2.the more the society can consume in the future. ans 3.allowing resources to specialize in the tasks for which they have a comparative advantage. ans4. all possible combinations of output that could be produced assuming fixed productive resources and their efficient use ans 5. opportunity costs are decreasing. ans 6. The term need is subjective making it difficult to di stinguish between something someone wants and something they need. ans 7.even if one's wants are completely satisfied, insufficient time ex ists to fully enjoy all of them. ans 8 . Everyone can benefit when people specialize where they have a comparative advantage and then trade with each other. ans 9. is the value of the next best alternative as a result of choosing some given alternati ve. ans 10. A production possibilities curve illustrates the concept of scarcity. ans 11. a steeper slope of the production possibilities curve. ans12. land, labor, physical capital, human capital and entrepreneurship. ans 13. that people must make choices and face trade-offs in using their resources. ans 14. all of the above. ans 15.resources are finite and are inadequate to meet all human wants and needs. ans 16.the inability of society to satisfy all human wants because of limited resources.

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