Rick finds a great Internet deal on an all-inclusive vacation rental in the Tropics for $1200, and immediately places a $1000 nonrefundable deposit on it. He later learns that the dates he planned to go are right in the middle of hurricane season, and it is likely to be miserable and potentially dangerous weather the entire time. Rick decides he cannot waste the $1000 and takes the trip anyway. While sitting in the rain, miserable, Rick realizes he should have:

A. ignored his sunk cost of $1200 and skipped the trip.
B. ignored his sunk cost of $1000, and skipped the trip.
C. hired a lawyer for $1000 to go to court and try to get his deposit back.
D. hired a lawyer for $1000 to sue the travel agency.


B. ignored his sunk cost of $1000, and skipped the trip.

Economics

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If countries have similar factors of production and similar productivities, most of their trade is likely to be intraindustry

Indicate whether the statement is true or false

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It once took 90 percent of our population to grow our food. It now takes only 3 percent of the population to grow our food. Which of the following statements is true?

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Economics

In drawing a budget line it is assumed that:

A) consumer preferences are fixed. B) the prices of the two products are variable. C) money income is fixed. D) consumer willingness to substitute between the two products is fixed.

Economics