Quiz 1 - AGEC 105 Quiz 1 Spring 2010 Name Choose the single...

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AGEC 105 Quiz 1 Spring 2010 Name: __________________________________ Choose the single best answer for each question. Each question is worth 2.5 points. 1. Hill’s Pet Nutrition, Inc. of Topeka, Kansas has three alternatives for manufacturing pet foods: Alternative 1: Manufacture cat food alone and obtain a profit of $20 million. Alternative 2: Manufacture dog food alone and obtain a profit of $30 million. Alternative 3: Manufacture both dog food and cat food and obtain a profit of $45 million. The opportunity cost of the firm is: a. $15 million b. $20 million c. $30 million d. $45 million e. $55 million 2. The U.S. economy represents what kind of economic system? a. Capitalistic b. Socialistic c. Communistic d. Mixed 3. Economics is the study of choice under conditions of 4. Suppose you friends take you out for dinner on your birthday and you have a much better time than you would have had doing anything else. There is still an opportunity cost, even though they will not let you pay for anything a. True b.
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