AP (Advanced Placement) Microeconomics: Questions 387 - 389 of 398

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Question 387

Appeared in Year: 2016 (NET)

Question

MCQ▾

When a rational person makes a choice, the concept of opportunity cost enters, thus opportunity cost is defined as

Choices

Choice (5)Response

a.

the benefit gained in terms of the next best alternative foregone when a choice is made

b.

the benefit lost in terms of the next best alternative foregone when a choice is made

c.

the benefit lost in terms of the next best alternative gained when a choice is made

d.

the benefit lost in terms of the next best alternative foregone when there is no choice at all

e.

Question does not provide sufficient data or is vague

Question 388

Appeared in Year: 2016 (NET)

Question

MCQ▾

Production function explains the relationship between

Choices

Choice (5)Response

a.

initial inputs and ultimate output

b.

inputs and ultimate consumption

c.

output and consumption

d.

output and exports

e.

None of the above

Question 389

Appeared in Year: 2016 (NET)

Question

MCQ▾

In the initial stages of production, generally the increasing returns to scale operate because

Choices

Choice (5)Response

a.

Economies of scale operate

b.

Input is increased

c.

Absence of bottlenecks in production

d.

Capital equipment is new

e.

None of the above

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