8.1 Compare these 2 terms (melting and freezing) in a sentence. (1)

TOTAL: 70 

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.