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Your parents have given you a new car on your 17th birthday for which they paid about €24,

Your parents have given you a new car on your 17th birthday for which they paid about €24,000. Assume this is also the price you would get if you decided to sell the car a month after getting it. The monthly costs of driving the car are €100 for oil changes and €200 for gas / petrol.

If you decide to keep the car, the total costs of the car to you this month will be:  

A. €2,300

B. €300

C. €24,300

D. €0

12.Your parents have given you a new car on your 17th birthday for which they paid about €24,000. Assume this is also the price you would get if you decided to sell the car a month after getting it. The monthly costs of driving the car are €100 for oil changes and €200 for gas / petrol.

What are the opportunity costs of driving the car this month?  

A. €300

B. €2,000

C. €24,000

D. €0

13.Here are the costs of going to university: tuition - €5,000; books - €200; housing - €1,000; food - €1,000; lost income from work - €10,000. Studying and work are equally desirable in your mind.

Suppose that you could live at home at no cost to you if you worked, but must live on campus if you go to school. What is the total opportunity cost to you of going to university rather than working? (Food costs the same at school or home.)  

A. €16,200

B. €7,200

C. €5,200

D. €15,200

14.Here are the costs of going to university: tuition - €5,000; books - €200; housing - €1,000; food - €1,000; lost income from work - €10,000. Studying and work are equally desirable in your mind.

Suppose you must live on your own anyway. What is the cost of going to university?  

A. €17,200

B. €7,200

C. €15,200

D. €16,200

15.Here are the costs of going to university: tuition - €5,000; books - €200; housing - €1,000; food - €1,000; lost income from work - €10,000. Studying and work are equally desirable in your mind.

Suppose that you could work part-time and make 5,000 at a job you would volunteer to do. You live on campus instead of at home. What is the cost of going to university?  

A. €16,200

B. €7,200

C. €5,200

D. €11,200

16.You decide to lend €100 to a friend interest free for one year. You calculate that you could have earned 10% interest. What is the opportunity cost of the loan if it is paid on time?  

A. €10

B. €100

C. €110

D. €0

17.You are considering renting a car for the weekend. It costs €200 for the car plus €0.20 per km (including petrol).

If you decide to go on a 300 km trip, what is the total cost of the rental?  

A. €200

B. €60

C. €260

D. €0

18.You are considering renting a car for the weekend. It costs €200 for the car plus €0.20 per km (including petrol).

Suppose you have already rented the car for the week and then add the 300 km addition to your trip. Now what is the cost of the journey?  

A. €100

B. €60

C. €260

D. €0

19.You are considering renting a car for the weekend. It costs €200 for the car plus €0.20 per km (including petrol).

If you decide to take a detour that adds 50km above the 300km you planned, what is the cost of the detour?  

A. €10

B. €70

C. €270

D. €200

20.Adam Smith in The Wealth of Nations argued that:  

A. society works best when people act in their own interest.

B. society works best when people act unselfishly.

C. society works best when people act as if they were invisible to others.

D. the social order needs the guidance of the government's visible hand.

Dec 14 2019 View more View Less

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