1. What is Economics? (Choose the best answer.) (a) The study of the allocation of scarce resources which have alternative uses. (b) The study of how goods and services are produced and consumed. (c) The study of the allocation of scarce resources. (d) The study of how individuals make decisions about their consumption. 2. A student on winter break is faced with a decision: going on a fun camping trip or staying home and picking up relatives from the airport. What is the opportunity cost of picking up relatives from the airport? (a) Going to Paris. (b) There is no opportunity cost because it is cheaper to stay home. (c) Going on the camping trip