A comprehensive database of opportunity cost quizzes online, test your knowledge with opportunity cost quiz questions. The marginal cost of 11 th unit is: (a) Rs 20 (b) Rs 30 (c) Rs 40 (d) Rs 50. What is the MARGINAL cost … III. (d) Cost Centres, Profit Centres and Investment Centres . (C) Gini 9. Since people must choose, they inevitably face trade-offs in which they have to give up things they desire to get other things they desire more. (A) opportunity cost 10. Economic cost excludes: (a) Accounting cost + explicit cost (b) Accounting cost + implicit cost (c) Explicit cost + Implicit cost (d) Accounting cost + opportunity cost. Which item used in the production of textiles by a firm would an economist net benefit foregone from the best alternative use of the capacity required. The idea behind opportunity cost is that the cost of one item is the lost opportunity to do or consume something else; in short, opportunity cost is the value of the next best alternative. a) III only. b) I and II only. Our online opportunity cost trivia quizzes can be adapted to suit your requirements for taking some of the top opportunity cost quizzes. answer choices . If total cost at 10 units is Rs 600 and Rs 640 for 11th unit. ANSWERS: ECONOMICS MCQ 6. Opportunity cost is the cost of taking one decision over another. 4. all of the human and capital resources used to produce product A. the retail price paid for product A. the amount of product B that cannot now be produced because of product A. … 10. Labour immobility f. Products that do not have an opportunity cost 7. (C) land, labor, and capital 7. d) I, II, and III. I. An optimal assignment requires that the maximum number of lines which can be drawn through squares with zero opportunity cost should be equal to the number of _____. (c) usually less than the dollar value of the item. Cost Unit is defined as: (a) Unit of quantity of product, service or time in relation to which costs may be ascertained or expressed (b) A location, person or an item of equipment or a group of these for which costs are ascertained and used for cost … Products that have an opportunity cost 6. The opportunity cost of producing an additional unit of product A is. The ordering cost, i.e., the cost of placing an order plus the cost of the bicycles be-ing purchased, has two components: The administrative cost involved in placing an or-der is estimated as $200, and the actual cost of each bicycle is $35 for this wholesaler. This cost is not only financial, but also in time, effort, and utility. The opportunity cost of an item is (a) the number of hours needed to earn money to buy the item. 8. View answer (A) opportunity cost (B) purchasing power parity (C) disposable income (D) consumer price index. Ο Is Irrelevant In decision making because it occurred in the past. 2. An opportunity cost Multiple Choice Ο is an unavoidable cost because it remains the same regardless of the alternative chosen. 9. fixed manufacturing cost of the component. rows or columns; rows and columns. II. Ο Requires a current outlay of cash. Q.4. The opportunity cost of producing more x is zero. Point A is inefficient. rows+columns- 1; rows-columns. variable manufacturing cost of the component. The following TWO questions refer to the PPF diagram below. The opportunity cost of producing more y is zero. c) I and III only. (B) capital 8. It’s necessary to consider two or more potential options and the benefits of each. 10. 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