3) That which we forgo, or give up, when we make a choice or decision is called A) out-of-pocket cost. B) marginal cost. C) real cost. D) opportunity cost. 5) Marginalism is A) the best alternative that we forgo when making a decision. B) the study of how societies choose to use scarce resources. C) a market situation in which profit opportunities are eliminated almost instantaneously. D) the process of analyzing the additional costs or benefits arising from a decision. 6) Economics is the study of A) how to invest in the stock market. B) how society uses limited resources. C) the role of money in markets. D) how government officials decide which goods and services are produced. 7) If your tuition is $2,000 this semester, your books cost $400, you can only work 10 rather than 40 hours per week during the 15 weeks you are taking classes and you make $12 per hour, and your room and board is $4,000 this semester (same as if not attending college), then your opportunity cost of attending college this semester is A) $2,400. B) $2,760. C) $7,800 D) $11,800. 8) The Latin phrase economists use that means all else equal is A) ceteris paribus. B) cogito ergo sum. C) carpe diem. D) caveat emptor