ECO 2302 - Chapter 3 Homework

The opportunity cost of a good is the same as its A. money price. B. relative price. C. price index. D. none of the above

B. relative price.

The opportunity cost of good A in terms of good B is equal to the A. ratio of the money price of good B to the money price of good A. B. money price of good A minus the money price of good B. C. ratio of the money price of good A to the money price of good B. D. money price of good B minus the money price of good A.

C. ratio of the money price of good A to the money price of good B.

The price of a bag of corn chips is​ $3, and the price of a bottle of soda is​ $1. What is the relative price of a bag of corn​ chips? A. 33 cents B. $3 C. 1/3 bottle of soda D. 3 bottles of soda

D. 3 bottles of soda

If the money price of wheat increases and no other prices​ change, the A. demand for wheat increases. B. relative price of wheat is unaffected. C. relative price of wheat falls. D. opportunity cost of wheat rises.

D. opportunity cost of wheat rises.

If the price of a candy bar is​ $1 and the price of a fast food meal is​ $5, then the A. relative price of a candy bar is 5 fast food meals. B. money price of a fast food meal is​ 1/5 of a candy bar. C. money price of a candy bar is​ 1/5 of a fast food meal. D. relative price of a fast food meal is 5 candy bars.

D. relative price of a fast food meal is 5 candy bars.