Froggy Jumps Froggy game economics knowledge sharing assignmentOnline version Intro Econ 10 Questions by Hugo 1 Which of the following statements about opportunity cost is TRUE? a Opportunity cost is equal to implicit costs plus explicit costs. b Opportunity cost only measures direct monetary costs. c Opportunity cost is a cost of you buying things. 2 Suppose that you deciding between seeing a move and going to a concert on a particular Saturday evening. The movie ticket costs $5. The concert ticket costs $50. The opportunity cost of going to the movie is: a $50 b $5 c $55 3 Suppose you play a round of golf costing $75. The golf takes four hours to play. If you were not playing golf you could be working and earning $40 per hour. The opportunity cost of your golf game is: a $235 b $75 c $160 4 According to marginal analysis, optimal decision-making involves: a Taking actions whenever the marginal benefit is positive. b Taking actions only if the marginal cost is zero. c All of the above. 5 Wants, as opposed to demands, a are the unlimited desires of the consumer. b are the goods the consumer has acquired. c depend on the price. 6 Suppose people buy more of good 1 when the price of good 2 falls. These goods are a substitutes b normal c complements 7 If income increases or the price of a complement falls, the a demand curve for a normal good shifts rightward. b demand curve for a normal good shifts leftward. c supply curve of a normal good shifts leftward 8 A consumer might consider in-line skates and elbow-pads to be a complements b unrelated goods c substitutes 9 Inferior goods are those for which demand increases as a income increases. b income decreases. c the price of a substitute falls. 10 An unusually warm winter shifts the a demand curve for gloves rightward. b supply curve of gloves rightward. c demand curve for gloves leftward
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