Ramesh has already paid Rs. 500 for a non-refundable movie ticket. Twenty minutes in, he finds the film dull. In deciding whether to stay, a rational person weighs:
Choose the correct answer.
The Rs. 500 already paid
The additional benefit and additional cost of staying
The total benefit of the whole film
The average benefit per hour
Meera leaves a job paying Rs. 6,00,000 per year to open a bakery. She invests Rs. 10,00,000 of savings that had been earning 6 percent interest, and pays Rs. 4,00,000 for rent and supplies. Her opportunity cost for the year is:
Choose the correct answer.
Rs. 4,00,000
Rs. 6,60,000
Rs. 10,00,000
Rs. 10,60,000
In a day Arjun can stitch 6 shirts or 3 trousers; Bharat can stitch 8 shirts or 2 trousers. Arjun's opportunity cost of one trouser is:
Choose the correct answer.
0.5 shirts
2 shirts
4 shirts
3 shirts
Sign in with Google — it is free — to see every question with its answer and explanation, practise it in learning mode, or take it as a timed mock test.
The IIT Madras BS Principles of Economics (Principles of Economics) End Term paper sat on Undated, in the Undated, set FN: 30 questions for 50 marks in 180 minutes. The first 3 questions are below. Sign in with Google — it is free — to see the whole paper with its answers and explanations, in learning mode or as a timed mock test.
| Feature | Principles of Economics End Term Undated Set FN at a glance |
|---|---|
| Term | Undated |
| Subject | Principles of Economics |
| Questions | 30 |
| Marks | 50 |
| Duration | 180 min |
| MCQ | 30 |
| Negative marking | No negative marking. |
| Updated |
