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Economics
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21 Oct 2020

  1. What is tradeoff?

    1. It is the process of sacrificing something for another thing. 

    2. It is the cost of getting one thing

    3. It is the thing one has to sacrifice to get another.

    4. It is the thing one expects to sacrifice to get another thing.

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Macroeconomics
Skill
Opportunity Cost
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Kristelle Balando
Kristelle BalandoLv10
21 Oct 2020

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Related questions

"Importing more goods and services into the U.S. is always a good thing to do economically." Explain why you agree or disagree. Is it possible for one country to profit more off-trade than another country? Should we have a stronger dollar or a weaker dollar?

Which of the following trade-offs does the production possibilities frontier illustrate?

a. If an economy wants to increase efficiency in production, then it must sacrifice equality in consumption.

b. Once an economy has reached the efficient points on its production possibilities frontier, the only way of getting more of one good is to get less of the other.

c. For an economy to consume more of one good, it must stop consuming the other good entirely.

d. For an economy to produce and consume goods, it must sacrifice environmental quality.

You are standing in line. Think about what you would be doing if you are not in this line. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you are not in this line, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of standing in line.

Please give detailed example of opportunity costs. It should be supported by calcuation (in $$$) of opportunity costs.

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