Refer to the scenario above. Maria should choose to:
A) drive, as it will save her $120.
B) travel by train, because it is quicker.
C) drive, as it will give her a real saving of $150.
D) travel by train, as it will save her $30 in travel time.
A
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Gross domestic product includes
a. all intermediate and final goods and services produced. b. the current production of final goods and services with a country's borders. c. exchanges of assets. d. the current production of final goods and services by a country's citizens. e. All of the above
For a mortgage lender that makes mortgage loans to borrowers, which one of the following would be an example of adverse selection?
a. After the loan has been made, individuals become careless with their finances b. Individuals most likely to default are the ones most likely to apply for the loan c. Borrowers investing their loan proceeds differently than the bank requires d. None of the above
Which of the following determines the maximum price a firm may charge for a particular quantity of output?
a. the firm's supply curve b. opportunity costs c. explicit and implicit costs of production d. the minimum point of the average total cost curve e. the demand curve facing the firm
When a conflict arises in a major oil-exporting area of the world, such as the Middle East, the price of gasoline already in the storage tanks at local gas stations usually increases. Which of the following best explains this occurrence?
a. Gas station owners anticipate consumers will buy more gasoline as gasoline prices increase. b. Gas station owners are attempting to repeal the laws of supply and demand. c. Gas station owners anticipate higher replacement costs for their supply of gasoline and, therefore, raise their prices in response to this higher expected cost. d. A decline in consumer demand generally causes gas station owners to raise their prices.