Economics Ecs1601 assessment 1 2024
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What is the correct definition of the opportunity cost of a choice?
a.
the opportunity to make a different choice.
b.
the monetary value to the decision-maker of...
Started on Monday, 13 May 2024, 2:46 PM
State Finished
Completed on Monday, 13 May 2024, 4:05 PM
Time taken 1 hour 19 mins
Marks 13.00/18.00
Grade 72.22 out of 100.00
Question 1
Incorrect
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Question text
What is the correct definition of the opportunity cost of a choice?
a.
the opportunity to make a different choice.
b.
the monetary value to the decision-maker of the choice made.
c.
the value to the decision-maker of the alternative that could have been chosen.
d.
the monetary value of the best alternative that was chosen instead of the alternative.
e.
the cost of the alternative.
Feedback
Every time a choice is made, opportunity cost is incurred; and economists always
measure cost in terms of opportunity cost. The cost of using a resource is measured by
determining how it could have been used alternatively, not necessarily what it cost to
purchase. See page 2 of the prescribed book.
Question 2
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Spending on goods produced in the is a/an into the circular flow of goods
and services in the domestic economy.
d.
Only (iv) is correct.
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See Section 1.5 of the prescribed book.
Question 3
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The circular flow model reveals that a decrease in South African imports will … .
a.
increase output and income in the rest of the world
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