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Listen to an Academic Talk Test #055
Listen to an Academic Talk
1. What is the main purpose of the talk?
A) To argue that college is too expensive
B) To compare different economic theories
C) To explain a key principle of decision-making
D) To discuss how to manage personal finances
2. What is mentioned as a major part of the opportunity cost of college?
A) The price of textbooks and supplies
B) The difficulty of the courses
C) The income given up from not working
D) The time spent attending lectures
3. What does the concept of opportunity cost imply about resources?
A) They are limited.
B) They are always monetary.
C) They are distributed equally.
D) They are easy to obtain.
4. Why does the speaker mention a government's budget?
A) To suggest a new topic for a future lecture
B) To criticize government spending habits
C) To show the concept applies to large-scale decisions
D) To provide a counterexample to the main idea
Lecturer: In economics, we often say there's 'no such thing as a free lunch,' and this leads us directly to the concept of opportunity cost.
Opportunity cost is the value of the next-best alternative you give up when you make a choice. Since resources like time and money are scarce, every decision involves a trade-off. For example, the opportunity cost of you attending this lecture right now is whatever else you would be doing instead—maybe sleeping, or working at a part-time job.
A more significant example is the decision to attend college. The cost isn't just tuition and books; a major component is the foregone income—the money you could have earned by working full-time instead.
Understanding this concept is crucial because it applies to all levels of economic decision-making, from an individual choosing a snack to a government deciding how to spend its budget.
Opportunity cost is the value of the next-best alternative you give up when you make a choice. Since resources like time and money are scarce, every decision involves a trade-off. For example, the opportunity cost of you attending this lecture right now is whatever else you would be doing instead—maybe sleeping, or working at a part-time job.
A more significant example is the decision to attend college. The cost isn't just tuition and books; a major component is the foregone income—the money you could have earned by working full-time instead.
Understanding this concept is crucial because it applies to all levels of economic decision-making, from an individual choosing a snack to a government deciding how to spend its budget.
Highlights
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