1. Do the wealthiest people on earth face scarcity? Explain.

2. Could self-interest actions induce social interest?

3. Do consumption and savings, education and training, and research and development involve trade-offs? Explain.

4. What is the opportunity cost of getting a college degree?

5. You plan a major adventure trip for the summer. You won't be able to take your usual summer job that pays $6,000, and you won't be able to live at home for free. Your travel accommodations on the trip will cost $3,000, gasoline will cost you $200, and your food will cost $1,400. What is the opportunity cost of taking this trip?

6. The university has built a new parking garage. There is always an available parking spot, but it costs $1 daily. Before the new garage was built, finding a parking space usually took 15 minutes of cruising. Compare the opportunity cost of parking in the new garage with the old parking lot. Which is less costly, and by how much?

7. Why are economists so concerned about the material aspects of life?