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Econ103Midterm1Samples Econ103Midterm1Samples 1. Which of the following statements about opportunity cost is TRUE?
8. Suppose that you are willing to pay $20 to see a movie on Saturday night. A ticket costs $10, and the next-best alternative use of your time would be to go to dinner with a friend. The cost of the dinner is $20 and you value the experience of having dinner with your friend at $60. The opportunity cost of seeing the movie is equal to:
a) $50. b) $30. c) $20. d) $10.
9. Suppose that you are willing to pay $50 to see a movie on Saturday night. A ticket costs $15, and the next-best alternative use of your time would be to go to a concert which costs $80 and you value at $100. The opportunity cost of seeing the movie is equal to:
a) $15. b) $20. c) $35. d) $70.
Econ103Midterm1Samples10. 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) $75. b) $235. c) $155. d) $160.
