Economics Decision 002

You are a freelance graphic designer who earns $200/day. You attend a design conference for $150, which you value at $400. What is the opportunity cost of attending the conference?

• $150
• $200
• $350
• $250
• $400

A student skips a part-time job that pays $80 to attend a concert costing $60, valued at $120. What is the economic cost of attending the concert?

• $60
• $80
• $140
• $120
• $20

A consultant values a workshop at $500. Attending requires losing $300 income + $100 fee. What is the opportunity cost?

• $100
• $300
• $400
• $500
• $600

Buying a limited-edition sneaker requires waiting. Which is NOT part of the economic cost?

• Time spent waiting
• Transport
• Retail price
• Enjoyment from ownership
• Income lost

Buying a concert ticket involves many costs. Which is NOT part of economic cost?

• Ticket price
• Time spent
• Travel expenses
• Personal enjoyment
• Lost wages

Acquiring a theater ticket takes effort. What is excluded from economic cost?

• Queuing time
• Transport
• Ticket price
• Emotional satisfaction
• Alternative activity forgone

Alex prefers tea > coffee > juice > tea. Which assumption is violated?

• Completeness
• Transitivity
• Non-satiation
• Diminishing MU
• Rationality

Sarah prefers apples > bananas > cherries > apples. Which assumption is violated?

• Completeness
• Transitivity
• More is better
• Diminishing MRS
• Consistency

Consumer prefers A > B > C > A. Which principle is violated?

• Completeness
• Transitivity
• Non-satiation
• Rational choice
• Utility maximization

Lisa skips a $90 job to study for an exam, believing it will help her get a $500 scholarship. What is the trade-off?

• The scholarship money
• The study time
• The $90 job income
• Her weekend plans
• The cost of books