Choosing to study for an exam until the extra benefit (improved score) equals the extra cost (mental fatigue) is:
A) not rational.
B) an application of the cost-benefit principle.
C) an application of the scarcity principle.
D) the relevant opportunity cost.
Correct Answer:
Verified
Q4: The central concern of economics is:
A) poverty.
B)
Q5: Economics is best defined as the study
Q6: According to the cost-benefit principle:
A) the lowest
Q7: Forest is a mountain man living in
Q8: Josh wants to go to the football
Q10: The scarcity principle tells us that _,
Q11: Economic questions always deal with:
A) financial matters.
B)
Q12: The logical implication of the scarcity principle
Q13: A rational person is one who:
A) is
Q14: Chris has a one-hour break between classes
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