Choosing to study for an exam until the extra benefit (e.g., improved score) equals the extra cost (e.g., the value of foregone activities) is:
A) not an economic choice.
B) an application of the Cost-Benefit Principle.
C) an application of the Scarcity Principle.
D) not rational because it ignores the importance of total benefits and total costs.
Correct Answer:
Verified
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Q5: Economics is best defined as the study of:
A)the
Q6: Economists recognize that because people have limited
Q7: If all the world's resources were to
Q8: The Scarcity Principle tells us _, and
Q10: Suppose that the extra cost to Tim
Q11: A rational person:
A)makes choices based on total
Q12: The Scarcity Principle states that:
A)people don't have
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Q14: The Scarcity Principle applies to:
A)poor people primarily.
B)consumers
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