Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 2, Problem 6E
To determine
The correct answer from the given options that stresses on the reason for exchange among people.
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The opportunity cost to you of an action is A. how much you must pay for the opportunity to take the action.B. the value to you of the next best action you could have taken.C. the dollar cost to you of the action.D. the cost to society of giving you the opportunity to take the action.
What can affect the prioritization of economic goals.
Please put detail explanation to each step so that it can help understanding! thank you
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- Why is it important to perform a cost-benefit analysis when making a decision? A-It helps you to make rational choices. B-To make sure that the cost is greater than the benefit of a decision. C-It is required by the government in making economic decisions. D-It allows you to see the price of certain goods and services.arrow_forwardIs there any way to split the cost to ensure that everyone benefits? What practical problems does the solution raise?arrow_forwardOpportunity cost Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog.arrow_forward
- What is a way to determine the value of a forest that remains intact? A. The number of people who visit this forest. B. How much money people would pay to protect this forest. C. The amount of money that people spend to purchase gear for camping in this forest. D. How long it takes for people to reach the forest by different modes of transportation. E. A and B. F. All of the above.arrow_forwardWhich of the following are systematic errors? a. A colorblind person who repeatedly runs red lights. b. An accountant whose occasional math errors are sometimes on the high side and sometimes on the low side. c. The tendency many people have to see faces in clouds. d. Miranda paying good money for a nice-looking apple that turns out to be rotten inside. e. Elvis always wanting to save more but then spending his whole paycheck, month after month.arrow_forwardWhat type of economy is best?arrow_forward
- Incentives and opportunity costs. Why do we do the things we do, and how do opportunity costs show that we have to make sacrificesarrow_forwardWhat affects the desirability of a product? Products become more desirable when A. professional athletes use a product because consumers who use the same product may feel closer to famous people. B. celebrities use a product because consumers who use the same product may feel more fashionable. C. movie stars use a product because consumers perceive them to be particularly knowledgeable about it. D. both a and b. E. all of the above.arrow_forwardUse economics to explain why people smoke even though they know smoking is not good to their health?arrow_forward
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