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OPPORTUNITY COSTS Flashcards | StudBud

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opportunity costs are necessarily monetary costs

what is scarcity?

OPPORTUNITY COSTS

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An AP Macroeconomics topic that needs to be studied for the final.

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Questions 8

Answers

1
what is scarcity?
have enough
90% od supply
short of supply
shortage
2
opportunity costs are necessarily monetary costs
false
somewhat
true
3
which of these is not a key assumption?
fixed resources
full employment
comparative advantage
fixed technology
4
which factor from OC is used to make a financial decision?
foreign exchange
opportunity costs
produce money
Benefits from the best foregone alternative
5
in one day if US can make 6 planes or 10 cars what is their opportunity costs of making a car?
.6 planes
6% of planes
6% of cars
.6 cars
6
what is opportunity costs?
a curve vertical to the natural rate of unemployment
undertaking an exchange in any activity
total supply of reserves
the expected money
7
what are the factors of production?
entrepreneurship
labor
capital
land
8
which of these is a central problem?
what/how much to produce
whom to produce
interest rate
trade-offs