Multiple choice

1) Economics is the study of

A) how to invest in the stock market.

B) how society uses limited resources.

C) the role of money in markets.

D) how government officials decide which goods and services are produced.

2) Deciding how a society's products are distributed among its citizens answers the economic question of

A) who consumes the products produced.

B) what products will be produced.

C) where will the products be consumed.

D) how will the products be produced.

3) If the vertical variable increases by 12 and the horizontal variable increases by 4, the slope of the line is

A) 3.

B) 4.

C) 12.

D) 48.

4) Suppose that your tuition to attend college is $16,000 per year and you spend $6,000 per year on room and board. If you were working full time, you could earn $20,000 per year. What is your opportunity cost of attending college for one year?

A) $22,000

B) $26,000

C) $36,000

D) $42,000