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Listen to an Academic Talk Test #007
Listen to an Academic Talk
1. What is the main purpose of the talk?
A) To compare different economic theories
B) To advise students on how to study effectively
C) To explain a basic principle of economics
D) To discuss government budget policies
2. In the professor's example, what is the opportunity cost of choosing to study?
A) The money spent on textbooks
B) The value of not attending a movie
C) The chance of getting a better grade
D) The time it takes to get to the library
3. What does the professor's explanation of opportunity cost imply?
A) Most decisions have no real financial cost.
B) Resources are finite, which necessitates making choices.
C) People usually choose the least enjoyable option.
D) Governments make better economic decisions than individuals.
4. Why does the professor discuss a city government building a park?
A) To argue that parks are a poor use of public funds.
B) To provide an example of a decision without a trade-off.
C) To contrast individual choices with group choices.
D) To illustrate that opportunity cost applies to large organizations.
Professor: One of the most fundamental concepts in economics is opportunity cost.
It's the idea that the true cost of something isn't just its price tag.
The opportunity cost is the value of the next-best alternative that you must forgo in order to pursue a certain action.
Let's take a simple example. Say you have a free evening. You could either study for your midterm or go to a movie with friends.
If you choose to study, the opportunity cost isn't zero; it's the enjoyment and social experience you gave up by not going to the movie.
The concept applies to more than just individuals.
If a city government decides to spend ten million dollars building a new park, the opportunity cost is whatever else they could have done with that money—like improving schools or repairing roads.
So, it's about recognizing the trade-offs inherent in every decision.
It's the idea that the true cost of something isn't just its price tag.
The opportunity cost is the value of the next-best alternative that you must forgo in order to pursue a certain action.
Let's take a simple example. Say you have a free evening. You could either study for your midterm or go to a movie with friends.
If you choose to study, the opportunity cost isn't zero; it's the enjoyment and social experience you gave up by not going to the movie.
The concept applies to more than just individuals.
If a city government decides to spend ten million dollars building a new park, the opportunity cost is whatever else they could have done with that money—like improving schools or repairing roads.
So, it's about recognizing the trade-offs inherent in every decision.
Highlights
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