You decide to go skiing this weekend it costs 50 for

8. You decide to go skiing this weekend. It costs $50 for transportation, $50 for lodging, $30 for
ski lift tickets. If you don’t go, you can have earned $100 as a waiter at a job you love so
much you would do it as a volunteer. What is the total cost of the ski weekend?
a. $230
b. $130
c. $100
d. $80
9. Your bank account pays 3% interest per year. You loan a friend $100 for one year at zero
interest. Assuming the loan is paid on time, the opportunity cost of the loan is
10. A war in the Middle East causes the price of oil to rise. What would we expect to happen to
the demand for automobile tires?
11. Suppose the government imposed a binding price ceiling in the market for housing. Other
things equal, the effect of this price ceiling will be to