Weighing the benefits and costs of the different speeds at which to sail an ocean cargo ship addresses the economic concept known as
A) the principle of opportunity cost. B) the principle of voluntary exchange.
C) the marginal principle. D) the principle of diminishing returns.
C
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National Ambient air quality standards have been established for all pollutants
Indicate whether the statement is true or false
Uncertainty is the result of ________ information that is often associated with ________ events.
A) incomplete; known B) incomplete; random C) complete; random D) complete; known
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. What is the probability of drawing a blue marble in the first game?
A. 20 percent B. 25 percent C. 75 percent D. 50 percent
Sophia puts money in the bank and earns a 5 percent nominal interest rate. If the inflation rate is 2 percent, then after one year,
a. Sophia will have 3 percent more money, which will purchase 5 percent more goods. b. Sophia will have 3 percent more money, which will purchase 7 percent more goods. c. Sophia will have 5 percent more money, which will purchase 3 percent more goods. d. Sophia will have 5 percent more money, which will purchase 7 percent more goods.