Lisa decided to give up being on the soccer team for piano lessons. Her opportunity cost of pursuing piano lessons is
A) zero, as long as someone other than Lisa pays for the lessons.
B) zero, as long as someone other than Lisa paid for her soccer fees and equipment.
C) the satisfaction Lisa had enjoyed by being on the soccer team.
D) the satisfaction Lisa enjoys by studying the piano.
E) both A and B above.
Question 2
This is a question about economic efficiency: Prior to the 1960s, Catholic masses were officially conducted throughout the world only in the Latin language.
Since the Vatican II reforms, Catholic masses are now generally conducted in the language spoken and understood by the local parishioners. What can an economist conclude? A) Catholic church authorities didn't like Latin anymore.
B) Catholic church authorities once thought the use of Latin was efficient; during Vatican II the authorities in power decided it was inefficient.
C) Catholic church parishoners didn't like Latin anymore.
D) Nothing, because decisions related to religion are non-economic.
Billy Joel - Piano Man
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