Choose the correct Answers:

1. Irene has four potential jobs to consider, each with different salary offers. From highest to lowest, the salaries are: $46,500, $45,000, $44,000, and $41,000. Based on the information provided, what is the opportunity cost of Irene accepting the position that pays $45,000?

A) $2,500

B) $51,000

C) $44,500

D) $45,000

E) $46,500

2. Boris makes cheese knives, with an opportunity cost of 3 cutting boards per every 2 knives. Delia makes cutting boards, with an opportunity cost of 4 cheese knives per every 9 cutting boards. Giorgi proposes that Boris give Delia 1 cheese knife in exchange for 2 cutting boards. What are the reactions of Boris and Delia?

A) Boris likes the proposal, but Delia does not.

B) Delia likes the proposal, but Boris does not.

C) Neither Boris nor Delia like the proposal.

D) Both Boris and Delia like the proposal.

E) Giorgi's proposal is not feasible.

3. Suppose that economists who study the paint industry classify Sherwin-Williams'sProMar 200 paint as an inferior good. During a recession, when the income in the economy is decreasing, these economists would expect the demand curve for ProMar 200 to ________, causing the equilibrium price to ________ and the equilibrium quantity to ________.

A) shift to the right; increase; decrease

B) shift to the right; increase; increase

C) shift to the left; decrease; decrease

D) shift to the left; increase; increase