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Listen to an Academic Talk Test #002
Listen to an Academic Talk
1. What is the primary purpose of the lecture?
A) To compare different economic theories
B) To explain the concept of forgone alternatives
C) To criticize government spending priorities
D) To offer advice on personal time management
2. According to the lecturer, what is the opportunity cost of building a sports stadium?
A) The money spent on construction materials
B) The jobs created by the new stadium
C) The other projects the money could have funded
D) The time it takes to complete the project
3. What does the lecturer imply about making good decisions?
A) They should be based on maximizing monetary gain.
B) They require an awareness of what is being sacrificed.
C) They are difficult to make without expert advice.
D) They often lead to unforeseen negative consequences.
4. Why does the lecturer mention studying for an exam?
A) To argue that education is a wise investment
B) To show that time has economic value
C) To compare academic and professional goals
D) To give an example of a cost-free activity
Lecturer: Let's talk about a fundamental concept in economics: opportunity cost. Simply put, opportunity cost is the value of the next-best alternative that you give up when you make a decision. It's not just about money; it's about any resource, including time.
For example, imagine you have two hours of free time. You could either study for an exam or work at your part-time job, where you'd earn thirty dollars. If you choose to study, the thirty dollars you could have earned is your opportunity cost.
This concept also applies on a much larger scale. If a city government spends ten million dollars to build a new sports stadium, the opportunity cost is what it could have done with that money instead, such as improving public transportation or building new schools. Understanding this trade-off is crucial for making sound economic choices.
For example, imagine you have two hours of free time. You could either study for an exam or work at your part-time job, where you'd earn thirty dollars. If you choose to study, the thirty dollars you could have earned is your opportunity cost.
This concept also applies on a much larger scale. If a city government spends ten million dollars to build a new sports stadium, the opportunity cost is what it could have done with that money instead, such as improving public transportation or building new schools. Understanding this trade-off is crucial for making sound economic choices.
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