1. ▶ Phrase Check ▶ Word Check ☞ Write the meanings of the words. ☞ Choose the correct word or phrase for each blank. 2 7 10 Economy consider, treats, alternative, such thing as, a quick bite 13. How would you react if your friend you to lunch? 만약 당신의 친구가 점심을 사게 되면 당신은 어떻게 반응할 것인가 ? 14. Most would it a free lunch and gladly take it. 대부분의 사람들은 그것을 공짜 점심이라고 생각하고 즐겁게 받아들일 것이다. 15. However, in economy, there is no a free lunch. 하지만, 경제에서는 공짜 점심과 같은 것은 없다. 16. For example, you want to read a book after taking during the lunch time. 예를 들어, 당신은 점심 시간에 밥을 빨리 먹은 다음에 책을 읽기를 원한다. 17. If your next-best to seeing the movie is reading the book, then the opportunity cost of seeing the movie is the money spent plus the pleasure you forgo by not reading the book. 만약 영화를 보는 것에 대해 그 다음으로 좋은 대체할 것이 책을 보는 것이라면, 영화를 보는 것에 대한 기회 비용은 써버린 돈에 책을 읽지 않음으로 해서 얻지 못하게 되는 즐거움을 합한 것이다. * 총 25 문항, 각 문제당 4 점씩 배점 1. phrase2. ain’t 3. react4. treat 5. bite6. offer 7. demonstrate8. economist 9. resource10. alternative 11. forgo12. tuition

2. ▶ Reading Comprehension ☞ Choose the best answer based on the article. Opportunity Cost: “There Ain’t No Such Thing As A Free Lunch What do you think about this phrase “There ain’t no such thing as a free lunch”? Do you really think there is no free lunch? Or, do you think there is a free lunch? How would you react if your friend treats you to lunch? Would you take it without a second thought? Would you consider it a free lunch because you do not pay? Most would consider it a free lunch and gladly take it. However, in economy, there is no such thing as a free lunch. You have to give up something to get a free lunch. For example, you want to read a book after taking a quick bite during the lunch time. Your friend comes to you and offers you lunch. The lunch seems to be free. Actually, it is not because you have to give up your reading. ”There is no such thing as a free lunch” is often used to demonstrate what “opportunity cost” is. When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. For example, if you spend time and money going to a movie, you cannot spend that time at home reading a book, and you cannot spend that money on something else. If your next-best alternative to seeing the movie is reading the book, then the opportunity cost of seeing the movie is the money spent plus the pleasure you forgo by not reading the book. As a student, you can find out what your opportunity cost is. For example, you pay $1,000 per year for your tuition. You may think your cost is $1,000 per year. Actually, you pay more than $1,000. You cannot work while you attend your school. If you worked, you could have made $10,000 per year. In this case, your opportunity cost of going to school is $11,000, the money you pay for your tuition plus the money you forgo by not working. 18. What are economists referring to when they talk about the opportunity cost of a resource? ① They are talking about the value of the next highest valued alternative use of a particular resource we use. ② They are refering to the money we spend on an activity or resource. ③ They are refering to the cost of a particular resource. Example: Going to the movie costs us $15. ④ They are talking about lunches and how they cannot be free. 2 7 10 Economy

3. ☞ Write True(T) or False(F). ▶ Composition ☞ Make a sentence. You can change the form of the following English words. 25. 당신은 본인이 정치적 성향이 강한 감독이라고 생각하십니까 ? ( consider, political, filmmaker ) Do you ? 19. Which of the following words most closely means 'give up'? ① take a bite ② react ③ treat ④ forgo 20. Why do economists say "there is no such thing as a free lunch"? ① Because even if your friend is buying, money is still being spent ② Because we have to give up something we would otherwise be doing ③ Because even if your friend buys us lunch, we will probably have to pay him back in the future ④ Restaurants don't really give out free lunches. 21. According to the article, if you pay $5,000 for school tuition, but you could have made $18,000 if you had worked instead, then your opportunity cost of going to school is _____. ① $23,000 (the money you spent plus the money you could have earned) ② $18,000 (the money you could have made working) ③ $5,000 (the money you spent on school) ④ $13,000 (the money you could have made, minus what you spent on school) 22. When factoring opportunity cost, we can only make calculations involving monetary figures (money). _____ 23. If your friend offers to buy you lunch, most people generally consider it to indeed be free. _____ 24. If we spend money on a resource such as going to see a baseball game, we cannot spend that money or time on anything else. _____ 2 7 10 Economy

4. ▶ Phrase Check ▶ Word Check ☞ Write the meanings of the words. ☞ Choose the correct word or phrase for each blank. 2 7 10 Economy consider, treats, alternative, such thing as, a quick bite 13. How would you react if your friend treats you to lunch? 만약 당신의 친구가 점심을 사게 되면 당신은 어떻게 반응할 것인가 ? 14. Most would consider it a free lunch and gladly take it. 대부분의 사람들은 그것을 공짜 점심이라고 생각하고 즐겁게 받아들일 것이다. 15. However, in economy, there is no such thing as a free lunch. 하지만, 경제에서는 공짜 점심과 같은 것은 없다. 16. For example, you want to read a book after taking a quick bite during the lunch time. 예를 들어, 당신은 점심 시간에 밥을 빨리 먹은 다음에 책을 읽기를 원한다. 17. If your next-best alternative to seeing the movie is reading the book, then the opportunity cost of seeing the movie is the money spent plus the pleasure you forgo by not reading the book. 만약 영화를 보는 것에 대해 그 다음으로 좋은 대체할 것이 책을 보는 것이라면, 영화를 보는 것에 대한 기회 비용은 써버린 돈에 책을 읽지 않음으로 해서 얻지 못하게 되는 즐거움을 합한 것이다. * 총 25 문항, 각 문제당 4 점씩 배점 1. phrase [ 문구 ]2. ain’t [am not 의 단축형 ( 주어의 인칭에 상관없이 구어로 많이 씀 )] 3. react [ 반응하다 ]4. treat [ 대접하다 ] 5. bite [ 한입의 음식 ]6. offer [ 제공하다 ] 7. demonstrate [ 설명하다 ]8. economist [ 경제학자 ] 9. resource [ 원천, 자원 ]10. alternative [ 대안의 ] 11. forgo [ 버리다 ]12. tuition [ 수업료 ]

5. ▶ Reading Comprehension ☞ Choose the best answer based on the article. 18. What are economists referring to when they talk about the opportunity cost of a resource? [1] ① They are talking about the value of the next highest valued alternative use of a particular resource we use. ② They are refering to the money we spend on an activity or resource. ③ They are refering to the cost of a particular resource. Example: Going to the movie costs us $15. ④ They are talking about lunches and how they cannot be free. 2 7 10 Economy Opportunity Cost: “There Ain’t No Such Thing As A Free Lunch What do you think about this phrase “There ain’t no such thing as a free lunch”? Do you really think there is no free lunch? Or, do you think there is a free lunch? How would you react if your friend treats you to lunch? Would you take it without a second thought? Would you consider it a free lunch because you do not pay? Most would consider it a free lunch and gladly take it. However, in economy, there is no such thing as a free lunch. You have to give up something to get a free lunch. For example, you want to read a book after taking a quick bite during the lunch time. Your friend comes to you and offers you lunch. The lunch seems to be free. Actually, it is not because you have to give up your reading. ”There is no such thing as a free lunch” is often used to demonstrate what “opportunity cost” is. When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. For example, if you spend time and money going to a movie, you cannot spend that time at home reading a book, and you cannot spend that money on something else. If your next-best alternative to seeing the movie is reading the book, then the opportunity cost of seeing the movie is the money spent plus the pleasure you forgo by not reading the book. As a student, you can find out what your opportunity cost is. For example, you pay $1,000 per year for your tuition. You may think your cost is $1,000 per year. Actually, you pay more than $1,000. You cannot work while you attend your school. If you worked, you could have made $10,000 per year. In this case, your opportunity cost of going to school is $11,000, the money you pay for your tuition plus the money you forgo by not working.

6. ☞ Write True(T) or False(F). ▶ Composition ☞ Make a sentence. You can change the form of the following English words. 25. 당신은 본인이 정치적 성향이 강한 감독이라고 생각하십니까 ? ( consider, political, filmmaker ) Do you consider yourself a political filmmaker? 19. Which of the following words most closely means 'give up'? [4] ① take a bite ② react ③ treat ④ forgo 20. Why do economists say "there is no such thing as a free lunch"? [2] ① Because even if your friend is buying, money is still being spent ② Because we have to give up something we would otherwise be doing ③ Because even if your friend buys us lunch, we will probably have to pay him back in the future ④ Restaurants don't really give out free lunches. 21. According to the article, if you pay $5,000 for school tuition, but you could have made $18,000 if you had worked instead, then your opportunity cost of going to school is _____. [1] ① $23,000 (the money you spent plus the money you could have earned) ② $18,000 (the money you could have made working) ③ $5,000 (the money you spent on school) ④ $13,000 (the money you could have made, minus what you spent on school) 22. When factoring opportunity cost, we can only make calculations involving monetary figures (money). [F] 23. If your friend offers to buy you lunch, most people generally consider it to indeed be free. [T] 24. If we spend money on a resource such as going to see a baseball game, we cannot spend that money or time on anything else. [T] 2 7 10 Economy