Suppose that, instead of taking this test, you could either have ...

[ENagel]

Suppose that, instead of taking this test, you could either have worked and earned income or partied and had a pleasurable time. Your opportunity cost of taking the test is the
 
  A) forgone work.
  B) forgone party.
  C) forgone working and partying.
  D) forgone working or partying, depending on which was your next best choice.
  E) test because you are taking it.

Question 2

If there are approximately 8,000 barrels of known reserves of oil, annual consumption of oil is 500 barrels,
 
  and it is estimated that the supply of oil will be depleted in 30 years, how many barrels of unknown reserves of oil are there estimated to be, all else equal?
  A) 1,333
  B) 7,000
  C) 12,000
  D) 48,000

[sierrahalpin]

Answer to Question 1

D

Answer to Question 2

B