Maria goes on a shopping trip to get ready for her vacation. She loads her cart with a new purse for $12.00, a sun hat for $4.00, magazines for $6.00, and a beach towel for $4.00. When she gets to the register, she realizes she only has $20.00 in her pocket. Use the passage to answer the question. If Maria decides to purchase the sun hat, towel, and bathing suit, what is the opportunity cost of her purchase? (1 point) Responses new purse new purse the towel the towel the sun hat the sun hat the magazines the magazines
Which of these BEST represents a capital investment for a company?
-buying new equipment
A computer programmer, bank teller, and construction worker are all examples of
-human resources
Getting the goods and services that you want by offering a different good or service (not money) as payment is called _____________________________.
-Bartering
Maria goes on a shopping trip to get ready for her vacation. She loads her cart with a new purse for $12.00, a sun hat for $4.00, magazines for $6.00, and a beach towel for $4.00. When she gets to the register, she realizes she only has $20.00 in her pocket. Use the passage to answer the question. If Maria decides to purchase the sun hat, towel, and bathing suit, what is the opportunity cost of her purchase?
-The magazines
According to the law of demand, what role do low prices serve for buyers?
-Reward
How does scarcity affect customers?
- Limited money and resources forces consumers to make choices.
Which of the following goods or services is an import to the United States?
- Oil bought by the United States from the Middle East.
Which of the following is a characteristic of a Command Economy?
- Government control.
Which of these is an example of a monetary incentive?
- Earning an allowance for doing chores.
Which situation is more likely to occur in a Market Economy than a Command Economy?
-A citizen designs a new game and opens a store to sell it.
Trade barriers are designed to protect producers in the country from being put out of business by foreign producers with lower prices & to prevent trade deficits from happening.
- True.
When are equilibrium prices achieved?
- When supply equals demand.
Match the resources with the kind of resource they belong to.
- Natural: coal, Human: chef, Capital: computer.
A surplus means that a business made too much and may waste money on resources making products that will not get used or be thrown out.
- Surplus.
What does a relative price compare?
- The price of one good or service compared to another similar one.
A popular cell phone manufacturer begins selling a new phone with many unique features and is improved. Lots of people want to buy the new phone. The old phone cost $149.00. What is the most likely price of the new phone?
- $199.
A substitute is an equivalent or comparable good or service, which can drop demand for the original good or service, lowering prices over time.
- Substitute.
The law of demand describes the relationship between prices and demand.
- Demand.
If many buyers want a good or service that is in low supply, the price will most likely increase.
- Increase.
Price competition in the market, including price wars between competitors, typically benefits the consumer (buyer).
- Consumer (buyer).
The opportunity cost of Maria's purchase would be the new purse, as she would have to give up buying it in order to purchase the sun hat, towel, and bathing suit.
The statement "Price competition in the market, including price wars between competitors, typically benefits the consumer (buyer)." is true.
The opportunity cost of Maria's purchase would be the magazines. Since she can only afford to buy the sun hat, towel, and bathing suit, she would have to give up buying the magazines.
To determine the opportunity cost of Maria's purchase, we need to identify the item she gives up in order to buy the sun hat, towel, and bathing suit. In this case, the opportunity cost refers to the value of the next best alternative that Maria could have chosen.
From the passage, we know that Maria initially had $20.00 in her pocket. The total cost of the sun hat, towel, and bathing suit is $4.00 + $4.00 + $6.00 = $14.00.
Since Maria only had $20.00, she can afford to purchase the sun hat, towel, and bathing suit, but she will have $20.00 - $14.00 = $6.00 left.
Therefore, the opportunity cost of Maria's purchase would be the value of the item she gave up by spending her remaining $6.00. As we can see from the passage, the remaining item that Maria had in her cart was the new purse, which costs $12.00.
Thus, the opportunity cost of Maria's purchase is the new purse.