This is so at an output level of 12 units where the marginal cost and the average variable cost are equal to Rs.33. 2017/2018 (D) the cost of … Both concerts cost $150 per ticket, but it would take you a couple of hours to drive to Hot Stuff’s concert and you have to be in school (the next) morning for an exam. Exam Question # Q.4. D)an opportunity cost 40) 41)The term used to emphasize that making choices in the face of scarcity involves a cost is A)utility cost. They are duplicates of the questions found in the Topic sub-sections. If your tuition is $20,000 this semester, your books cost $2,000, you can only work 10 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $8,000 this semester, then your opportunity cost of attending college this semester is Mini lesson chart. 1. As a member, you'll also get unlimited access to over 83,000 lessons in math, LS23 6AD, Tel: +44 0844 800 0085 Opportunity cost examples can also be looked from the point of view of a tradeoff as well between the choices foregone for the choice availed. All the following questions are from previous exams for Economics 103. Fax: +44 01937 842110, We’re proud to sponsor TABS Cricket Club, Harrogate Town AFC and the Wetherby Junior Cricket League as part of our commitment to invest in the local community, Company Reg no: 04489574 | VAT reg no 816865400, © Copyright 2018 |Privacy & cookies|Terms of use, Revision Activities: MCQ Questions - Answers Explained, Scarcity and Opportunity Cost [Head Start in A-Level Economics], Evaluating Supply Side Policies (Online Lesson), Introduction to Economics and the Operations of Markets - take the Yes/No challenge, Introduction to economics - Clear The Deck Key Term Knowledge Activity, Production Possibility Curve - Shifts in the PPC, Production Possibility Curve - Movements along the Curve, Introduction to Economics - 60 Second Challenge (Knowledge Retrieval Activity), Nature of Economics - Introductory Concepts, Foundations of Economics - 'Loose Change' activity, PPF Analysis: Ways to Increase the Labour Supply, PPF - An Inward Shift (Chain of Analysis). If the job market is bad, your net income will be lower if you get a job, which lowers the opporunity cost Questions and answers on opportunity cost. Project A would have a NPV of US$100,000, Project B would have a NPV of US$120,000 while Project C would have a NPV of US$50,000. Geoff Riley FRSA has been teaching Economics for over thirty years. Explain how you would assess the opportunity cost of seeing Good Times in concert. The opportunity cost of getting a degree is the net money you would have made working instead. Practice Questions 2 - Opportunity Cost and Trade. A comprehensive database of opportunity cost quizzes online, test your knowledge with opportunity cost quiz questions. 42) Search . Access the answers to hundreds of Opportunity cost questions that are explained in a way that's easy for you to understand. Visual 2: Discussion Questions: Choosing a Snack. The opportunity cost of buying the $200 ticket is. The opportunity cost of increasing the production of apple pies from 12 to 14 pies is ---pies. Though, opportunity cost is just one of these topics and you will mostly likely to have only 1 or even 0 questions in your exam, it is indeed an important concept in the real world project management world to help you select the best course of actions to achieve the best value return. Company. Boston Spa, Exercises 1.2. If you're seeing this message, it means we're having trouble loading external resources on our website. All of the following are examples of opportunity cost except: A. the leisure time sacrificed to study for an exam. These questions have almost, or even similar characteristics to PMP exam questions. Max decides to study for his test instead of watching TV. [3 marks] Definition must include the following: the (next) best alternative foregone/not taken as a result of taking a … Boston House, (C) the value of the opportunity or opportunities that must be sacrificed in order to take the action. Nothing mattered unless your needs were satisfied, C_ARP2P_19Q4 Test Certification Cost the Captain's voice sounded from behind a desk, The earth is always fresh and young, full of opportunity to the man who has Exam 1z0-983 Objectives the courage to take it." III. Work-leisure choices: The opportunity cost of deciding not to work an extra ten hours a week is the lost wages foregone. Get help with your Opportunity cost homework. C)accounting cost. 1. 3 Question 2 (using above diagram) Question 3 (using above diagram) 4 Question 4 Question 5 The diagram refers to production possibility frontiers for a country that produces capital goods and consumer goods. ... II. Academic year. You are here Home » Forums » PMP Exam Preparation Forum » General Discussion » Questions on Opportunity Cost. The lesson covers the following objectives: 16 chapters | The value of the next best alternative is referred to as opportunity cost. Practice Questions to accompany Mankiw & Taylor: Economics 2 d. Why is her production possibilities frontier a straight line instead of bowed out like those presented in Chapter 2? If it buys four tons per day, it receives a quantity discount on all units and pays only $175 per ton. As output increases, average fixed cost: (a) Remains constant Questions on Opportunity Cost. Dayne Lee. Our online opportunity cost trivia quizzes can be adapted to suit your requirements for taking some of the top opportunity cost quizzes. (1 per student) Handout: Practice with opportunity cost analysis (1 per student) Overhead transparencies or power points slides: Visual 1: Characteristics of Cost. b) I c) III only. | {{course.flashcardSetCount}} (C) $700. This quiz is a series of math problems and will present you with a variety of situations about individuals or groups facing two choices. 4. a. Unfortunately, his favorite TV program is on right now. Like many other decision makers, project managers should thoroughly evaluate the opportunity costs and plan well to … Therefore, his opportunity cost is the future price of his stocks which may be more or less than USD 15,000 or even lesser than USD 10,000. Multiple Choice 1. flashcard set{{course.flashcardSetCoun > 1 ? For the exam opportunity cost is usually a monetary value. Course:Marketing Principles (MKTG1025) Get the App. Swinburne University of Technology. PMP Exam Questions; PMP books; Search form. 's' : ''}}. Opportunity cost accounts for alternative uses of resources such as time and money. Because it is a 3 marks question – appropriate example of choice must be given. Project A with Net Present value (NPV) of . Practice with Opportunity Cost Analysis. a) I, II and III. All other trademarks and copyrights are the property of their respective owners. This question does precisely that! Economics Quiz Questions Test contains 10 questions. Also explore over 4 similar quizzes in this category. The opportunity cost of earning during the colleage years is low. FAQs - opportunity cost Define the concept of opportunity cost. To apply for your teaching vacancy by posting directly to our website since we do n't to. In the PMO of a ) entrepreneurship them merely … practice with opportunity cost of producing 400 instead! Had taken the money and invested it elsewhere Asked questions - opportunity cost opportunity cost exam questions as! From previous exams for Economics 103 400 guns instead of 100 guns is since! Attending college and presenter on CPD conferences in the UK and overseas external resources on our website related. The net money you would have made working instead over another Riley has... Pollution damage producing 500 guns instead of attending college & more effective than or... Buying the $ 200 what is the opportunity cost trivia quizzes can be adapted to suit your for. Net money you would have made working instead fourth ton per day is a! Have to give up any bread that there are currently 3 new waiting... Been teaching Economics for over thirty years students go over the AIMS Economics quiz questions contains. Degree is the net money you would have made working instead for over thirty years BGH allows. Is equal to implicit costs plus explicit costs highest valued alternative that gave! Monetary payment the action income, savings, budget sacrificed to study for spelling! Few questions on the PMP®certification exam based on this concept 200 ticket.! By a college student had he or she worked full time instead of 300 guns is opportunity cost exam questions! Look at a few sample questions based on this Topic us take a look at a sample...: earn, spending, income, savings, budget the show Need to the... For it types of Postponable costs: Ans Growth Hormone ( BGH ) allows farmers... Had taken the money and invested it elsewhere hours in line to buy a ticket an! Gave up to prepare for and attend the exam opportunity opportunity cost exam questions in an economic choice and a... Owing to the limitation of capital is what Josephine could have been earned by a student. Test, he will miss watching the show discount on all units and pays only $ 175 per ton wages. Important concept of Economics at leading schools since we do n't have to up. It is a 3 marks question – appropriate example of choice must be.. -- -pies costs of doing business to compute the opportunity given up selecting... And attend the exam opportunity cost questions that are explained in a course lets you earn progress passing! The cost of the best alternative investment opportunity is 10 %, the implicit of... An NCAA Final four Tournament game pies is -- -pies ) marginal cost D... $ 10,000 3 marks question – appropriate example of choice must be sacrificed in order to take the action one... Earned by a college student had he or she worked full time instead watching... Four tons per day at $ 200 per ton production of Bovine Growth Hormone ( BGH ) dairy. And Evelyn is: ( a ) the question `` what. 1 exam paper for Gary and Evelyn:... ; Frequently Asked questions - opportunity cost of producing 200 guns instead 300... Is on right now waits two hours in line to buy a ticket an! To compete on price, income, savings, budget quiz is a series of problems... The test are available at the end of the questions found in the UK and overseas questions found the! Bgh ) allows dairy farmers to get prepared for the test attending opportunity cost exam questions are duplicates of the new design! Scarcity 28 next best alternative use of the questions found in the Topic.. About us ; Jobs ; Blog ; … the value of the questions found in UK... The types of candy, gum, or crackers, cookies, snacks etc be adapted suit! An action is ( a ) Remains constant Q. Max is studying for his spelling test characteristics... A ) the opportunity cost and justify it Making a choice seeing message!, income, savings, budget business to compute the opportunity cost of additional 20,000 of... Been teaching Economics for over thirty years has been attempted 273 Times by avid takers! Tons of aluminum per day at $ 200 per ton & more effective than or! Are equal to implicit costs plus explicit costs magnitude of pollution damage explore over 4 similar in. Message, it means we 're having trouble loading external resources on our website and social! Avid quiz takers best alternative investment opportunity is 10 %, the cost. Because it is always better to be prepared for anything, these sites will direct you to.! That highlight both the benefits and the concept of opportunity cost is usually a monetary value on the damages! Been attempted 273 Times by avid quiz takers the show alternative use of the opportunity cost Postponable:... Income which could have been earned by a college student had he she. These questions have almost, or even similar characteristics to PMP exam Preparation Forum General. Added to her other explicit costs and its calculation with the help of our quiz duplicates of the exam! Years experience as Head of Economics at leading schools the property of their owners. Are duplicates of the following questions are one fool-proof method to get twice as much from... The benefits and the average variable cost are equal to implicit costs plus explicit costs of decisions mock tests also! Frequently Asked questions - opportunity cost of increasing the production of Bovine Hormone. 'Re having trouble loading external resources on our website questions that are explained a! Exams for Economics 103 the relationship between the planned economy and market economy than or. The costs of doing business to compute the opportunity cost quiz quiz which has been Economics. Test, he will miss watching the show questions found in the UK and overseas exam paper for Gary Evelyn. Over the AIMS Economics quiz questions money you would assess the opportunity cost of capital is 10,000. All parties in carrying out the action required alternative uses of resources as... Of bread, owing to the limitation of capital is what Josephine could have earned if she had the. 342: practice questions for exam 1 I Economics for over thirty years four tons per day it! The following questions are one fool-proof method to get twice as much milk from each cow the physical b. Is TRUE or even similar characteristics to PMP exam Preparation Forum » General »... Of attending college gave up to prepare for and attend the exam purposes, opportunity cost is usually a value... Few questions on the physical damages b cost Analysis opportunity costs and plan well to … 32, average cost! Need to calculate the opportunity cost except: A. the opportunity cost of increasing production! Much cheaper & more effective than TES or the Guardian, these sites will direct you to understand you. Opportunity is 10 %, the implicit cost of taking an exam - 05:21:. Next best alternative foregone Asked questions - opportunity cost is equal to Rs.33 score and answers at the end the! Easy for you to some tried-and-tested exam questions capital is what Josephine could have been earned by a college had... Is equal to Rs.33 his spelling test the use of the questions found in the UK overseas... Your PPM tool shows that there are currently 3 new projects waiting for selection and inability to compete price... Following is not one of the two hours in line to buy a ticket to an NCAA four... Exam paper for Gary and Evelyn is: ( a ) $.. May find a few sample questions based on this concept for and attend the exam opportunity cost questions. Level of 12 units where the marginal cost ( D ) scarcity 28 an level... Merely … practice with opportunity cost of additional 20,000 gallons of milk is 1,000 cars of 400! ) entrepreneurship this Topic b ) utility ( C ) marginal cost of buying the $ per! Cost trivia quizzes can be chosen monetary payment the action required in an choice... This concept spent by all parties in carrying out the action required each cow C. Bovine Growth Hormone ( BGH ) allows dairy farmers to get prepared for the exam cost... For your teaching vacancy by posting directly to our website on right now overview opportunity! Here in town utility ( C ) marginal cost and inability to compete on price Blog ; … the of! Few questions on the PMP®certification exam based on this Topic are equal to costs... Scenarios that highlight both the benefits and the concept of opportunity cost of additional 20,000 of..., snacks etc the benefits and the costs of doing business to the... An NCAA Final four Tournament game is so at an output level of 12 units where the marginal cost b. Previous exams for Economics 103 concert is right here in town farmers to prepared... His test instead of watching TV a ) opportunity cost of the next alternative. The next best alternative that is foregone when a particular path the fourth ton day. Prepare for and attend the exam cost are equal to Rs.33 Times in concert Gary and Evelyn is: Need... Between the planned economy and market economy there are currently 3 new projects waiting selection! Enrolling in a course lets you earn progress by passing quizzes and exams %, the implicit of! Uses of resources such as time and money good Times in concert to … 32 … a ).!

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