The opportunity cost of an activity includes the value of（）
A. the least-best alternative that must be foregone
B. the chosen activity minus the value of the next-best alternative
C. all of the alternatives that must be forgone
D. the next-best alternative that must be foregone
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Dean should play golf instead of preparing for tomorrow’s exam in economics if（）
A. he is irrational
B. the economic surplus from playing golf is greater than the economic surplus from studying
C. Dean can play golf for free
D. the benefit of golfing is greater than the benefit of studying
If individuals are rational, they should choose actions that yield the（）
A. smallest economic surplus
B. smallest total costs
C. largest total benefits
D. largest economic surplus
Jody has purchased a non-refundable $75 ticket to attend a Miley Cyrus concert on Friday night. Subsequently, she is asked to go to out dinner at no expense to her. If she uses cost-benefit analysis t
A. only the cost of concert ticket
B. neither the cost of the ticket nor the entertainment value of the concert
C. only the entertainment value of the concert
D. the cost of the ticket plus the entertainment value of the concert
If all the world’s resources were to magically increase one hundredfold, then（）
A. people would still have to make trade-offs
B. trade-offs would become unnecessary
C. economics would no longer be relevant
D. scarcity would disappear
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