Anya got $10 for her birthday. She considers buying a DVD of her favorite movie for $9. She also thinks about buying a new T-shirt for $12. Then she decides to buy a CD for $8. What is the most likely opportunity cost of her decision?

a. the ten dollars.
b. the T-shirt
c. the DVD
d. the CD

C?

Why does scarcity exist?

a. Producers need scarcity to set prices.
b. Wants are always greater than resources.
c. Economic institutions control most money.
d. No country can make all the goods it needs.

B?

The following natural resources are needed to make lined paper:

wood from trees

dye for ink

What else could be made from both of these resources?

a. pencils
b. book pages
c. binders
d. crayons

B? (not sure)

What are two types of economic incentives?

a. imports and exports
b. rewards and penalties
c. supply and demand
d. banks and non-profit organizations

B?

What is one potential negative consequence associated with pay trade?

a. Import and export taxes are high under pay trade.

b. Buyers and sellers can no longer make price decisions.

c. Countries that practice pay trade have high unemployment.

d. People in certain industries earn lower wages or sell fewer products.

D?

*For the last one, it is free trade, not pay trade.

Could you please check my answers?

I agree with all of your answers except for number 2.

Yes, D.

Is that correct

For the first question:

Anya's most likely opportunity cost of her decision is the next best alternative that she gave up. In this scenario, she considered buying a T-shirt for $12 but decided to buy a CD for $8 instead. The opportunity cost is the T-shirt she gave up. Therefore, the correct answer is b. the T-shirt.

For the second question:

Scarcity exists because wants are always greater than resources. This means that there is a limited availability of resources to meet unlimited wants and needs. Therefore, the correct answer is b. Wants are always greater than resources.

For the third question:

Given that wood from trees and dye for ink are resources needed to make lined paper, one possible item that could be made from both of these resources is book pages. Book pages are typically made from paper, which can be produced using wood pulp and dyed with ink. Therefore, the correct answer is b. book pages.

For the fourth question:

Two types of economic incentives are rewards and penalties. Economic incentives are used to motivate individuals and organizations to take certain actions. Rewards, such as monetary compensation or recognition, incentivize desirable behaviors, while penalties, such as fines or loss of privileges, discourage undesirable behaviors. Therefore, the correct answer is b. rewards and penalties.

For the fifth question:

One potential negative consequence associated with pay trade is that people in certain industries may earn lower wages or sell fewer products. Pay trade refers to the practice of using low-wage labor in other countries to produce goods and services for export. This can lead to job losses in higher-wage industries and lower wages for workers in certain sectors. Therefore, the correct answer is d. People in certain industries earn lower wages or sell fewer products.