Suppose you weigh the costs and benefits of an additional hour of study against those associated with spending an hour watching Desperate Housewives, and decide on the latter. You have:
A) made a decision based on imperfect information
B) made a rational decision
C) made a lazy decision
D) made an irrational decision
Correct Answer:
Verified
Q48: An economic model is:
A) a simplified representation
Q49: Which one of the following would directly
Q50: Which of the following is NOT an
Q51: The process by which resources are transformed
Q52: Opportunity cost is defined as:
A) the value
Q54: In factor markets:
A) factors of production flow
Q55: Opportunity cost is:
A) a cost that cannot
Q56: The economic problem of scarcity exists because:
A)
Q57: The bowed out shape of the production
Q58: The 'for whom' question is concerned with:
A)
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