Determine the opportunity cost of any action

Reference no: EM131778014

Question: Sub-Saharan Africa includes some of the poorest nations in the world. What would you say is the problem with these nations? (100-150words)

1. When an economist talks of scarcity, the economist is referring to the

A) ability of society to employ all of its resources.

B) ability of society to consume all that it produces.

C) ability of society to satisfy all human wants because of limited resources

D) ability of society to continually make technological breakthroughs and increase production.

2. Which of the following is NOT a factor of production?

A) the water used to cool a nuclear power plant.

B) the effort of farmers raising cattle.

C) the wages paid to workers.

D) the management skill of a small business owner.

3. The opportunity cost of any action is

A) all the possible alternatives given up.

B) the highest-valued alternative given up.

C) the benefit from the action minus the cost of the action.

D) the dollars the action cost.

4. You have the choice of going on vacation to Florida for one week, staying at work for the week, or spending the week doing fix-up projects around your house. If you decide to go to Florida, the opportunity cost of the trip is

A) working and doing fix-up projects.

B) working or doing fix-up projects, depending on which you would have done otherwise.

C) working, because you would be giving up dollars.

D) nothing because you will enjoy the trip to Florida.

Reference no: EM131778014

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