1.. Consider each of the following statements; is it TRUE or FALSE? You do not needto explain your answer.(15%)a) Jimmy is an elite athlete, and has a choice between three careers: he can join MajorLeague Baseball and make$1 million per year, he can join the National Hockey Leagueand make$2 million per year, or he can join the National Footbal League and make$2 million per year. Assuming he only cares about monetary compensation, Jimmysopportunity cost of playing in the NFL is$2 million per year.b) I have a choice between three activities on Friday night: drinking at the pub with myfriends, going bowling, or sitting at home and getting high. I hate getting high at home,but I enjoy the other two activities. Therefore, the opportunity cost of going bowlingfor me is the combined satisfaction Id receive if I went to the pub with my friends, andgot high at home.c) The Production Possibilities Frontier shows the opportunity cost of producing onegood in terms of the other.d) Free trade is always good, since it leads to an increased standard of living and betterrelations between countries.e) The Production Possibilities Frontier is always concave (that is, curved outward)