Alex received a four-year scholarship to State U. that covered tuition and fees, room and board, and books and supplies. If Alex becomes a full-time student, then（）
A. the opportunity cost of attending State U. includes the sum of the benefits Alex would had from attending each of the other schools to which he was admitted
B. the opportunity cost of attending State U. includes the money Alex could have earned working for four years
C. attending State U. for four years is costless for Alex
D. Alex has no incentive to study hard while at State U
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Ginger bought a phone that came with a $10 rebate. Ginger should fill out and mail in the rebate form if（）
A. the opportunity cost of the time and trouble of sending in the rebate form is less than $10
B. the opportunity cost of the time and trouble of sending in the rebate form is more than $10
C. Ginger’s surplus from purchasing the phone was less than $10
D. she would have bought the phone without the rebate, and so sending in the rebate form involves no opportunity cost
Choosing to study for an exam until the extra benefit （e.g., improved score） equals the extra cost （e.g., the value of foregone activities） is（）
A. not rational because it ignores the importance of total benefits and total costs
B. an application of the Cost-Benefit Principle
C. not an economic choice
D. an application of the Scarcity Principle
Every time you go to the grocery store, you try to wait in the shortest line. But the lines always seem to be roughly the same length. Why（）
A. The cashiers work at the same speed
B. The cashiers do not have an incentive to work faster
C. Random chance equalizes the length of the lines
D. Other people are trying to choose the shortest line too
A rational person（）
A. undertakes activities until the net benefits become less than zero
B. makes choices based on total benefits and total costs
C. considers the financial benefits and financial costs of making a choice
D. makes choices based on added benefits and added costs
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