Opportunity Cost Indonesia was one of the countries most affected by a tsunami (2004). The 1 point most likely impact is 0 An outward shift of its production possibility frontier (production of more goods using all available resources) 0 A movement from inside its PPF to the boundary 0 An inward shift of its PPF (production of less goods using the all available resources) 0 A fall in the rate of unemployment What is the definition of opportunity cost? 1 point 0 The next best alternative that you give up. 0 All of the choices you could have made but didn't. O The chance that you will lose your money. 0 The money you spend to buy something. If I wanted to specialize and make 100 units of food, instead of 75 units of 1 point food, what is my opportunity cost? INTELLIGENT ECONOMIST B 1006 75 C F O O E 50 D Food 100 150 Clothes O 50 units of clothing O 100 units of clothing O 50 units of food 25 units of foodA famous saying is, "There is no such thing as a free lunch." What does this 1 point statement mean? O Everything has a cost 0 Never accept a free lunch O Cost of production means no lunch is free 0 Business etiquette is that you should always pay for lunch What is the best description of F 1 point INTELLIGENT ECONOMIST B 100c 75 C E 50 D Food A 100 150 Clothes Productively efficient O Allocationy efficient O Inefficient Impossible with current resourcesIf I wanted to make 150 units of clothing instead of 100 units -- What is my 1 point opportunity cost? lNTElUGENT ECONOMISI 50 Food 100 150 Clothes 0 50 units of clothing 0 100 units of clothing 0 50 units of food 0 25 units of food What would cause the PPF to shift to point E? 1 point INTELLIGENT ECONOMIST 50 Food -------r------ o 100 150 Clothes 0 An increase of taxes 0 An increase in the size of the avaliable labour force 0 An advance in technology 0 An increase in the demand of clothes What is the opportunity cost of buying a new car? 1 point 0 The value of the other goods you could have bought instead 0 The price you paid for the car 0 The cost of operating and maintaining the car 0 The difference between the prices of the car and a used car Which of these points shows an inefficient use of resources? 1 point INTELLIGENT ECONOMIST Which of the following WOULD shift the production possibilities frontier to 1 point point Y? Productivity Possibility Frontier (PPF) A Y B Refrigerators ... ... X C ........ ............... Cars O An improvement in technology A reduction in the population An increase in the inflation rate O Focusing all resources into the production of cars