Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes. Jake's opportunity cost of writing a poem is lower than Ming-la's opportunity cost of writing a poem. a. True b. False

a. True

Explanation:

Opportunity cost is the forfeited benefits as a result of choosing one activity over the other.  It is the foregone gain for not selecting a particular option. Opportunity cost is valued as the cost of the next best alternative.

Both Jake and Ming-la can both write a poem in 90 minutes. The opportunity cost of writing a poem for both is changing oil.  In 90 minutes, Jake can do two oil changes while Ming-la can do three.  Therefore Jake's opportunity cost for writing a poem is two oil changes while Ming-la is three changes. Ming-la is faster, hence forfeits more by writing a poem. Jake, therefore, has a lower opportunity cost.

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know