Part 1
The term opportunity cost suggests that
A. in any exchange situation where one person gains, someone else must lose
B. not all individuals make the most of life's opportunities
C. executives do not always recognize opportunities for profit as quickly as they should
D.the only factor that is important in decision making is cost
E. because goods are scarce, in order to get some good you must give up some other good in return
Part 2:
Which of the following is an example of division of labor?
A.an author writing a book one chapter at a time
B. a firm trying to get rid of a labor union
C. separating resources into four categories: land, labor, capital, and entrepreneurial ability
D. allocating revenue among a firm's resource suppliers
E. dividing an assembly process into separate steps
Part 3:
In economics, specialization means
A.producing something using only one type of resource, such as labor
B. producing something using only one type of labor
C. focusing efforts on a particular product or a single task
D. producing only one unit of output
E. producing something using only one unit of a variable resource
Part 1
The term opportunity cost suggests that
A. | in any exchange situation where one person gains, someone else must lose |
B. not all individuals make the most of life's opportunities | |
C. | executives do not always recognize opportunities for profit as quickly as they should |
D.the only factor that is important in decision making is cost | |
E. | because goods are scarce, in order to get some good you must give up some other good in return |
Part 2:
Which of the following is an example of division of labor?
A.an author writing a book one chapter at a time | |
B. | a firm trying to get rid of a labor union |
C. | separating resources into four categories: land, labor, capital, and entrepreneurial ability |
D. | allocating revenue among a firm's resource suppliers |
E. | dividing an assembly process into separate steps |
Part 3:
In economics, specialization means
A.producing something using only one type of resource, such as labor | |
B. | producing something using only one type of labor |
C. | focusing efforts on a particular product or a single task |
D. | producing only one unit of output |
E. | producing something using only one unit of a variable resource |
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