1. Trade offs:

A) include everything you give up.
B) are the list of things you could have done.
C) are the foregone costs.
D) is the same as opportunity cost.
E) All of the above.

2 Opportunity cost is:

A) the foregone cost.
B) the next highest-valued alternative given up.
C) the same as trade offs.
D) the same as scarcity
E) Both A) and B)

3. Because there is an opportunity cost to almost everything, then:

A) not much, if anything, is truly free.
B) our wants are never satisfied.
C) all the trade offs are eliminated.
D) both A) and B) are correct.
E) both A) and C) are correct.