You are trying to decide if you should take a day off from work to go to a casino
In making your decision, you compare what you would sacrifice to go to the casino (lost wages for the day, potential losses at the casino, the amount of work you will have to make up, etc.) with the enjoyment you would receive from the day off (relaxation, potential winnings, etc.). The analysis you have just conducted is called A) cost-benefit analysis.
B) comparative advantage analysis.
C) stress analysis.
D) sacrificial-wage analysis.
A
You might also like to view...
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. The output of computers and soybeans would be greatest if
A. China specialized in producing computers, while the United States specialized in producing soybeans. B. Both countries prohibited trade. C. The United States produced both goods and exported them to China. D. China specialized in producing soybeans, and the United States specialized in producing computers.
The opportunity cost of holding money balances increases when:
A. the inflation rate decreases. B. the interest rate increases. C. the interest rate decreases. D. GDP is far from full employment.
A decrease in the price of a good or service leads to a(n) ________ that leads to a(n) ________.
A. increase in quantity demanded; movement along the demand curve B. decrease in demand; movement along the demand curve C. decrease in quantity demanded; shift of the demand curve D. increase in demand; shift of the demand curve
Structural unemployment usually lasts longer than frictional unemployment
Indicate whether the statement is true or false