Sara is an Economics major. She has a total of 16 hours to study for both exams. She speculates that her score on either test will improve by one whole grade for every two hours she spends studying either discipline. After considering her options, she chooses to study ten hours for her economics exam and six hours for her chemistry exam. The fact that Sara would like to study an equal amount for both exams, but cannot, reveals which of the following?
a. Sara is probably pursuing a double major in chemistry and economics which explains why she would want to study an equal amount for both.
b. The fact that scarcity restricts options and demands choices.
c. The demand for choices in the face of unlimited resources is limited
d. Sara lacks the human capital, and economic resource, required to study and succeed in economics.
e. Sara lacks both human capital and entrepreneurial ability, both economic resources, required to succeed in chemistry.
b. The fact that scarcity restricts options and demands choices.
You might also like to view...
Exhibit 12-1 Business cycle
?
In Exhibit 12-1, the recovery phase of the business cycle can be represented by points:
A. A. B. C. C. E to G. D. C to E.
Explain why the following statement is true, "money is an asset but not all assets are money."
What will be an ideal response?
Microeconomics is often called
A) price theory. B) decision science. C) scarcity. D) resource theory.
Big Waves is a large water park. Suppose the individual demand for entrance into Big Waves is Qd = 50 - (2 × P) and each consumer has the same demand. Big Waves has a constant marginal cost of $5 per consumer. If Big Waves practices two-part pricing and requires a membership fee and then a separate entrance fee, what is the profit-maximizing entrance fee?
A) $200 B) $10 C) $5 D) $50