The combination of goods and services that maximizes utility for a given income is called

Opportunity cost is the ________ alternative sacrificed when a choice is made.

7.2 Compare the mixtures in 7.1. Are they homogenous or heterogeneous? [ans1]  (1)

Refer to the following table to answer the next six questions.The table describes the utility Alice receives from her consumption of movies or used DVDs. Movies Consumed Total Utility Used DVDs Consumed Total Utility 0 0 0 0 1 200 1 50 2 350 2 80 3 400 3 100 4 480 4 110 5 480 5 103 Ashley has $19.00 to spend on movies and used DVDs. The combination of movies and used DVDs purchased, 3 movies and 4 used DVDs, maximizes her utility. What will be the price of a used DVD, if the price of a movie is $5.00?

QUESTION 3 Name two of the seven continents we have learned about. (2)

QUESTION 2: MULTIPLE CHOICE                                                             (5) Carefully read through the following statements and questions. Select the correct answer from the options provided.  

What must happen to the market price in order for a shortage to be eliminated?

The cost of a trade-off is known as the ________ cost of that decision.

      1.1 A hypothesis is always the incorrect outcome of the experiment.  [ans1]  (1) 1.2 Fats and oils store energy and provide insulation.  [ans2]  (1) 1.3 An ecosystem is a community of interacting species and their environment.  [ans3]  (1) 1.4 Rickets is a disease caused by a lack of vitamin C.  [ans4] (1) 1.5 Insectivores are insects that only eat meat.  [ans5]  (1) 1.6 Chlorophyll is a substance in leaves that absorbs sunlight and gives leaves their green colour.  [ans6]  (1) 1.7 Iron is the mineral that produces red blood cells.  [ans7] (1) 1.8 Water and fibre are the substances that prevent you from suffering from constipation.  [ans8] (1) 1.9 Eggs provide us with more energy than potatoes.  [ans9] (1) 1.10 The Sun is the original source of energy.  [ans10]  (1)

Which point on the graph below represents an inefficient use of society’s resources? Click to view larger image.