Jack has a ticket to see Bo Bice for which he paid $30 yesterday. He takes an unpaid day off from work to get ready for the concert. When he arrives at the concert, five different people offer him $70
A. $70 plus his forgone earnings
B. $70
C. $40
D. $30 plus his forgone earnings
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You are trying to decide whether to purchase the latest Harry Potter book online or borrow it from the library. There is no charge for borrowing a book from the library, but going to the library takes
A. buy the book online because it takes less time
B. borrow the book from the library because you can get it from the library for free
C. borrow the book from the library if the cost of doing so （in terms of the extra time it takes） is greater than $13
D. borrow the book from the library if the cost of doing so （in terms of the extra time it takes） is less than $13
An editorial in the paper argues that a person only should be allowed to attend school if the marginal cost of educating that person is less than the marginal benefit of educating that person. The wri
A. normative economics
B. positive economics
C. negative economics
D. economic naturalism
According to the Incentive Principle, people will be less likely to smoke if the government（）
A. increases taxes on smoking-cessation devices such as nicotine patches
B. subsidizes hospitals treating lung disease
C. increases taxes on cigarettes, effectively raising the price
D. invests more money in cancer research
Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and study or go to the gym and work out. The decision Chris must make is（）
A. not an economic problem because it’s an hour that Chris has no matter what he does
B. an economic problem because the tuition Chris pays covers the cost of both the gym and the library
C. an economic problem because Chris has only one hour, and engaging in one activity means giving up the other
D. not an economic problem because neither activity costs money
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