Kendra is trying to decide whether to go to Abby's house to watch a movie or to go to Samuel's house to play board games. They live about the same distance away, and there is no cost for either event. If she chooses to go to Abby's house, what is the opportunity cost?(1 point)

Question

Responses

The net value to Kendra of going to Abby's house to watch a movie.
The net value to Kendra of going to Abby's house to watch a movie.

The net value to Kendra of going to Samuel's house to play games.
The net value to Kendra of going to Samuel's house to play games.

The difference in value to Kendra of the two options.
The difference in value to Kendra of the two options.

There is no opportunity cost because there is not cost associated with either option. Economics do not apply to this kind of decision.
There is no opportunity cost because there is not cost associated with either option. Economics do not apply to this kind of decision.
Question 6
Sergei has multiple options for which job to work on Saturday. He only has time to work one job. He can choose to: rake up leaves to make $50, make deliveries for $70, or babysit for $65. If Sergei chooses the option that makes him the most money, what is the opportunity cost of the best decision?(1 point)
Responses

$120
$120

$50
$50

$70
$70

$65
$65
Question 7
A small manufacturing firm has two products that are produced using its in house 3-D printers. The budget and time constraints for this process give the production possibilities curve that is defined by the table below. If the company is currently producing 30 units of product A and 39 units of product B, can the production of product B be increased? Explain

Product A
0 10 20 30 40 50 60

Product B
51 50 46 39 29 16 0.

(1 point)
Responses

No, the point is already on the production possibilities curve.
No, the point is already on the production possibilities curve.

Yes, the production of product B can be increased up to 60 by decreasing the volume for product A.
Yes, the production of product B can be increased up to 60 by decreasing the volume for product A.

Yes, the production of product B can be increased up to 51 by decreasing the volume for product A.
Yes, the production of product B can be increased up to 51 by decreasing the volume for product A.

Yes, the production of product B can be increased to whatever value is desired.
Yes, the production of product B can be increased to whatever value is desired.
Question 8
Which points are most efficient for the utilization of resources on a production possibilities diagram?(1 point)
Responses

points at the two intercepts of the curve
points at the two intercepts of the curve

points along the curve
points along the curve

points outside the curve
points outside the curve

points inside the curve - no response given points inside the curve
points inside the curve - no response given points inside the curve
Question 9
How does a pure command economy answer the basic question of which goods and services should be produced?(1 point)
Responses

The law of supply and demand drives this choice.
The law of supply and demand drives this choice.

The government decides what should be produced.
The government decides what should be produced.

The producers decide what should be produced.
The producers decide what should be produced.

The consumers decide what should be produced.
The consumers decide what should be produced.
Question 10
How does a pure market economy answer the basic question of which goods and services should be produced?(1 point)
Responses

Consumers decide what should be produced.
Consumers decide what should be produced.

Producers decide what should be produced.
Producers decide what should be produced.

The government decides what should be produced.
The government decides what should be produced.

The law of supply and demand drives this choice.
The law of supply and demand drives this choice.
Question 11
Which of the following principles of a free enterprise system best explains why the businesses in an industry cannot maintain an artificially high price?(1 point)
Responses

property rights
property rights

profit
profit

open opportunity
open opportunity

producer sovereignty
producer sovereignty
Question 12
Which of the following is an example of open opportunity?(1 point)
Responses

A business decides to change its website provider to reduce cost.
A business decides to change its website provider to reduce cost.

A student learns to make web pages and starts making websites for local small businesses.
A student learns to make web pages and starts making websites for local small businesses.

A farmer has the right to decide which crops to plant in his field.
A farmer has the right to decide which crops to plant in his field.

Two neighbors make a deal to trade a snowmobile and a jet ski.
Two neighbors make a deal to trade a snowmobile and a jet ski.
Question 13
Which of the following is an example of a private good?(1 point)
Responses

a personal computer used to access the internet
a personal computer used to access the internet

a public website
a public website

positions in a free online game limited to 100 people
positions in a free online game limited to 100 people

an internet connection from a local cable company
an internet connection from a local cable company
Question 14
Which of the following is an example of a positive externality that would result from converting the inner part of a city to a pedestrian only area?(1 point)
Responses

the reduction in gas prices for people who work in the area
the reduction in gas prices for people who work in the area

a decrease in business in the area
a decrease in business in the area

the decrease in pollution in the city
the decrease in pollution in the city

the increase in the commute time for people who work in the area
the increase in the commute time for people who work in the area
Question 15
A busy small business owner is considering purchasing groceries through a premium home delivery service because of its convenience. The service provides the best groceries and costs significantly more than buying groceries in the store, but home delivery is an attractive feature. Examine the opportunity costs and trade-offs of the small business owner choosing to buy groceries through this premium home delivery service. Compare your findings with the opportunity costs and trade-offs if the small business owner were to choose buying groceries in the store instead. Write 3-5 sentences.(1 point)
Responses

Essay question- be prepared!
Essay question- be prepared!

Select ONLY 3 of the essay questions to answer for this upcoming test.
Select ONLY 3 of the essay questions to answer for this upcoming test.
Question 16
Compare and contrast the four types of economic systems. Write 3-5 sentences.(1 point)
Responses

Essay question- be prepared!
Essay question- be prepared!

Select ONLY 3 of the essay questions to answer for this upcoming test.
Select ONLY 3 of the essay questions to answer for this upcoming test.
Question 17
In one to two sentences, explain what happens to a production possibilities curve if a natural disaster creates a scarcity of a key resource needed to make a product. Explain why this happens. (1 point)
Responses

Essay question- be prepared!
Essay question- be prepared!

Select ONLY 3 of the essay questions to answer for this upcoming test.
Select ONLY 3 of the essay questions to answer for this upcoming test.
Question 18
In one or two sentences, define open opportunity, consumer sovereignty, and voluntary exchange, and explain how they contribute to the availability of different goods in the market place in the US free enterprise system. (1 point)
Responses

Essay question- be prepared!
Essay question- be prepared!

Select ONLY 3 of the essay questions to answer for this upcoming test.
Select ONLY 3 of the essay questions to answer for this upcoming test.
Question 19
In one or two sentences, explain why governments provide environmental protection. Include the concepts of public services and the free-rider problem in your answer. (1 point)
Responses

Essay question- be prepared!
Essay question- be prepared!

Select ONLY 3 of the essay questions to answer for this upcoming test.
Select ONLY 3 of the essay questions to answer for this upcoming test.
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Answer 1

Here are the answers to the questions you've provided:

Question 5 Response: The net value to Kendra of going to Samuel's house to play games.
The opportunity cost of choosing to go to Abby's house is the value of the best alternative she is giving up, which in this case is going to Samuel's house.

Question 6 Response: $65
If Sergei chooses to make deliveries for $70, the opportunity cost is the next best alternative he is giving up, which in this case is babysitting for $65.

Question 7 Response: Yes, the production of product B can be increased up to 51 by decreasing the volume for product A.
The production possibilities table indicates that producing 30 units of product A allows for a maximum of 39 units of product B. To produce more than 39 units of product B, production of product A would need to decrease.

Question 8 Response: points along the curve
Points along the production possibilities curve represent the most efficient use of resources, where the maximum possible output of goods is produced.

Question 9 Response: The government decides what should be produced.
In a pure command economy, the government makes decisions about the production of goods and services.

Question 10 Response: Consumers decide what should be produced.
In a pure market economy, consumer preferences drive what is produced based on demands.

Question 11 Response: open opportunity
Open opportunity prevents businesses in an industry from maintaining artificially high prices because it allows for competition and entry of new firms.

Question 12 Response: an internet connection from a local cable company
An internet connection provided by a local cable company is a private good, as it is excludable and rivalrous.

Question 13 Response: the decrease in pollution in the city
Converting a city area into a pedestrian zone can lead to a positive externality by decreasing pollution, which benefits the overall community.

Question 15 (Essay question - Prepare your response)

Question 16 (Essay question - Prepare your response)

Question 17 (Essay question - Prepare your response)

Question 18 (Essay question - Prepare your response)

Question 19 (Essay question - Prepare your response)

For the essay questions, you'll need to prepare thoughtful responses based on your understanding of economic concepts and how they apply in different contexts. If you would like help drafting a response for any of these, feel free to ask!