I've been out of the game a while, but the most cost-effective used to be aerosol cans of standards from Scott ...
http://www.scottsemicon.com/mixes/moxygen.html
If you're doing it routinely, the BOC and most other gas supply companies will make up certified mixtures in larger cylinders. 
Very difficult to make really accurate standards, but if you only want an indicative value, I've made dilute standards using two syringes with luer fittings,  one 1500 ml ( from Alltech I think ) for balance gas  and one ordinary glass gas-tight 1 - 100ml syringe ( SGE ) for ambient air ( or Zero gas -if you have it ) , coupled together using a medical plastic three way valve.
After mixing the two gases, you can then dump the contents into a 40 litre 5-layer plastic gas sampling bag and fill with  known volume of the main balance gas.
Because of the different densities, it's really important to thoroughly mix the contents at each stage. 
You can then repeat the exercise with an aliquot from the first mixture to obtain trace values.   There are also exponential gas dilution flasks, but I've never had much luck with them.
If it's important to obtain accurate values , I'd buy the certified standards, but the above method is good enough for developing methods.
Please keep having fun,
Bruce Hamilton