01 May Question: 1) Economics is best defined as the study of a) how society manages its scarce resources. b) how …
1)
Economics is best defined as the study of
a) how society manages its scarce resources.
b) how to run a business most profitably.
c) how to predict inflation, unemployment, and stock prices.
d) how the government can stop the harm from unchecked self-interest.
2
Your opportunity cost of going to a movie is
a) the price of the ticket.
b) the price of the ticket plus the cost of any soda and popcorn you buy at the theater.
c) the total cash expenditure needed to go to the movie plus the value of your time.
d) zero, as long as you enjoy the movie and consider it a worthwhile use of time and money
3)
You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing.
A. Which of the following are included in the true cost of going skiing? Check all that apply.
a) The cost of a lift ticket
b) The cost of your ski jacket you purchased last year
c) The wages you forgo by going skiing
d) The rental of any ski equipment you need
Now suppose you had been planning to spend the day studying at the library.
B. What is the cost of going skiing in this case? Check all that apply.
a) The rental of any ski equipment you need
b) The cost of a lift ticket
c) The value of your time spent studying
d) The cost of your ski jacket you purchased last year
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