50 POINTS AND BRAINLIEST
Econ U2 Intro to Economics
Multiple Choice
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3. A sports collector is considering the purchase of either a hockey jersey or a baseball that was struck for a home run. If the collector chooses to purchase the jersey, what is the opportunity cost? *1point

the time lost looking at both items
the net value of the jersey for the collector
the net value of the ball for the collector

4. A farmer must decide between growing peppers or growing tomatoes. Which trade-off is the farmer considering? *1 point

the profit of growing peppers, compared to the profit of growing tomatoes

the retail value of peppers at the store, compared to the retail value of tomatoes at the store

the cost of growing peppers, compared to the cost of growing tomatoes

5. Kendra is trying to decide whether to go to Abby's house to watch a movie or to go to Samuel's house to play board games. They live about the same distance away, and there is no cost for either event. If she chooses to go to Abby's house, what is the opportunity cost? *1 point

There is no opportunity cost because there is no cost associated with either option. Economics do not apply to this kind of decision.
The difference in value to Kendra of the two options
The net value to Kendra of going to Samuel's house to play games.

6. Sergei had to decide among watching a two-hour movie with a cost of $20, buying a book to read for $10 that would take about four hours to read, and going to a three-hour concert for $30. If he considers the benefit of each situation to be proportional to the amount of time, with a value of about $50 per hour, what is the opportunity cost of the best decision? *1 point

$80
$150
$120

9. How does a pure command economy answer the basic question of which goods and services should be produced? *1 point

The producers decide what should be produced.
The government decides what should be produced.
The consumers decide what should be produced.

10. How does a pure market economy answer the basic question of which goods and services should be produced? *1 point

Producers decide what should be produced.
The government decides what should be produced.
The law of supply and demand drives this choice.

11. Which of the following principles of a free enterprise system BEST explains why businesses in an industry cannot maintain an artificially high price? *1 point

producer sovereignty - they can choose to produce what they want
property rights - producers can own or rent the building they manufacture in
open opportunity - other producers can decide to sell it slightly cheaper to attract more customers

12. Which of the following is an example of open opportunity? *1 point

A student learns to make web pages and starts making websites for local small businesses.
A business decides to change its website provider to reduce cost.
A farmer has the right to decide which crops to plant in his field.

13. Which is an example of a private good? *1 point

an internet connection from a local cable company
a personal computer or tablet used to access the internet
positions in a free online game limited to 100 people

14. Which of the following is a positive externality that would result from converting the inner part of a city to a pedestrian only area? *1 point

the increase in commute time for people who work in the area
a decrease in business in the area
the decrease of pollution in the city