Question :
61.Judy would like to enjoy freshly grown vegetables from her : 1378968
61.Judy would like to enjoy freshly grown vegetables from her own garden but also wants her daughter to enjoy summers with a swimming pool in the backyard. Despite having a green thumb, she chooses to use her extra land for a swimming pool. The opportunity cost of the swimming pool is:
A. equal to the cost of building and maintaining the pool.
B. the value she places on having her own garden.
C. the value of watching her daughter grow up enjoying a swimming pool.
D. the savings gained by not having to pay for fertilizer and vegetable plants.
62.Making a decision “on the margin” involves comparing:
A. additional benefits against additional costs.
B. total benefits against total costs, which include benefits and costs from past decisions.
C. sunk costs against opportunity costs.
D. All of these are true.
63.After purchasing a coffee cup from your local gas station for $5.00, you can always refill your cup for $0.50. The marginal cost of your 10th cup of coffee purchased at the gas station is:
A. $0.50.
B. $5.00.
C. $10.00.
D. $5.50.
64.After purchasing a coffee cup from your local gas station for $5.00, you can always refill your cup for $0.50. The sunk cost of the coffee purchased at the gas station is:
A. $0.50.
B. $5.00.
C. $10.00.
D. $5.50.
65.A local street festival that previously sold bracelets in exchange for unlimited alcohol consumption is now concerned about the overconsumption of alcohol. If they switch to selling tickets per drink, will overall consumption at next year’s festival decrease?
A. No, because the marginal cost per extra beer will decrease for consumers.
B. No, because the marginal cost per extra beer will increase for consumers.
C. Yes, because the marginal cost per extra beer will increase for consumers.
D. Yes, because the marginal benefit per extra beer will increase for consumers.
66.A college student decides to spend the afternoon watching three movies rented from Red Box. The cost of each movie is $1. The student was willing to pay $4 to rent each of the first two movies and $2 to rent the third movie. What was the marginal benefit received by the student when renting the 2nd movie?
A. $1
B. $8
C. $4
D. $2
67.The extra cost associated with producing or consuming the next unit is called the:
A. variable cost.
B. marginal cost.
C. utility cost.
D. sunk cost.
68.Many theaters sell empty seats at a deep discount just before showtime. What economic concept is displayed by this behavior?
A. Consumer demand
B. Sunk costs
C. Price optimization
D. Thinking at the margin
69.The extra benefit associated with producing or consuming the next unit is called the:
A. revenue product.
B. spillover.
C. marginal benefit.
D. economic benefit.
70.The deadline for your research paper is tomorrow and you still need a day of work to complete the paper. Unfortunately, you are scheduled to work all day in the cafeteria. You can turn the paper in one day late for a 10 percent penalty or take the day off of work and turn the paper in by the deadline. Losing a day of wages will cost you $90. The marginal cost of turning the paper in on time is:
A. 10 percent deducted from your final score.
B. $90 in forgone wages.
C. not getting to lounge around all day.
D. None of these represent the marginal cost.
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