C13 Exam 1 with Answers (Ashworth College)
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
C. limited in quantity and can be used in different<br />
ways<br />
D. scarce and therefore require choices to be made<br />
Question 15 of<br />
20<br />
5.0/ 5.0 Points<br />
Spending money on a new car instead of a used car when you are on a fixed budget is an example of<br />
__________ .<br />
A. the incursion of an opportunity cost<br />
B. isolating variables<br />
C. a bad thing to do because you run out of<br />
money<br />
D. living on the edge<br />
Question 16 of<br />
20<br />
5.0/ 5.0 Points<br />
You rent a DVD of The Dark Knight Rises. The rental is for seven days and you watch the movie on the first<br />
day. You tell a friend about the film and your friend asks to come over and watch the movie <strong>with</strong> you before it is<br />
due back. What is your opportunity cost if you decide to watch the movie a second time instead of going to a<br />
football game?<br />
A. the entire cost of the movie rental, since you have already watched the movie<br />
B. one half the rental cost, because you have already watched the movie one<br />
time<br />
C. The answer depends on how much you liked the movie in the first place.<br />
D. the football game you forego by watching the movie again<br />
Question 17 of<br />
20<br />
5.0/ 5.0 Points<br />
Which of the following is an example of a normative question?<br />
A. How will an increase in the inheritance tax affect tax revenues?
Change language