Opportunity costs is The money a business loses in a bad investment The value of

Question

1. Opportunity costs is
   1. The money a business loses in a bad investment
   2. The value of the best foregone opportunity
   3. The price an individual pays for making a mistake
   4. Opportunity knocks but once; if you miss your chance will never come again
2. Which of the following is an example of diminishing marginal utility.
   1. You give up donuts on your diet.
   2. You like one donut with your coffee, but not two.
   3. You buy more donuts when the price of coffee rises
   4. You cut back on donut after your pay cut.
3. Suppose there is a drought in California damaging orange groves
   1. price will increase quantity will increase
   2. price will decrease quantity will decrease
   3. price will decrease quantity will increase
   4. price will increase quantity will decrease
4. Which is an example of the substitution effect in demand?
   1. The price of coffee rises, so you buy less coffee
   2. The price of coffee rises, so you buy more coffee
   3. The price of coffee rises, so you buy more tea and less coffee
   4. The price of coffee rises, so you buy less tea and more coffee
5. All of these influences supply except
   1. Prices of inputs
   2. Expected future prices
   3. Extent of competition in the market
   4. Use of fiat money
6. Markets are inefficient when
   1. Buyers and sellers have perfect information
   2. Buyers and sellers are free to enter and exit
   3. A small number of sellers coordinate products and prices
   4. Buyers and sellers act independently to pursue their own self- interests
7. Of the following examples which is not an example of a principle-agent incentive problem
   1. Banks bundle mortgage loans and offer collateralized debt obligations to pension funds
   2. A company

Explanation / Answer

2 2 4 3 4 3 1 1 2 4 3 4 3 1 4 3 2 1

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