All else equal, relative to a person who earns minimum wage, a person who earns $30 per hour has（）
A. the same opportunity cost of spending time on leisure activities
B. a higher opportunity cost of working an additional hour
C. a lower opportunity cost of driving farther to work
D. a higher opportunity cost of taking the day off work
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The study of individual choice and its implications for the behavior of prices and quantities in individual markets is（）
A. microeconomics
B. macroeconomics
C. the Scarcity Principle
D. a normative economic principle
Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself through hunting, fishing, and farming. Which of the following statements about Forest is true（）
A. Forest is not required to make trade-offs because he is self-sufficient
B. Forest has unlimited resources
C. Forest doesn’t have to consider costs and benefits
D. Forest has to make trade-offs
The economic surplus of an action is（）
A. the benefit gained by taking an action
B. the difference between the benefit and the cost of taking an action
C. the difference the explicit and implicit costs of taking an action
D. the money a person has left over after taking an action
An implication of scarcity is that（）
A. people must make trade-offs
B. people will never be happy
C. some people will always be poor
D. making trade-offs becomes unnecessary as wealth increases
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