Question

5 true or false 10 points
i choose to sell apples instead of oranges. oranges are my opportunity cost, because i lost the opportunity to make money from selling oranges.
true
false
6 multiple choice 10 points
a graph with a curve that shows the variations in the amounts that can be produced for two separate products is called a _____.
production possibilities graph
possible productivity curve
production possibilities curve
cost benefit analysis

Explanation:

For Q5: Opportunity cost is the value of the next-best alternative forgone. Here, the opportunity cost is the potential profit from selling oranges, so the statement correctly identifies oranges (the forgone option) as the opportunity cost in this context.
For Q6: The specific term for a graph showing maximum possible production combinations of two goods is the Production Possibilities Curve. While "Production Possibilities Graph" is related, the standard technical term refers to the curve itself that represents the trade-offs.

Answer:

1. True
2. Production Possibilities Curve