1. (1 pt) Since people have (abundant, scarce) wants and (abundant, scarce) resources, they are forced to make [Fill in the blank and circle the correct answer for each.] many times a day. 2. a. (0.5 pt) You were planning to spend Sunday working at your part-time job, but a friend asks you to go skiing. What are the opportunity costs of going skiing? b. (0.5 pt) Now suppose that you had been planning to spend Sunday working with your group on finishing a presentation you must give in class on Monday. What are the opportunity costs of going skiing in this case?

1. (1 pt) Since people have (abundant, scarce) wants and (abundant, scarce) resources, they are forced to make [Fill in the blank and circle the correct answer for each.] many times a day. 2. a. (0.5 pt) You were planning to spend Sunday working at your part-time job, but a friend asks you to go skiing. What are the opportunity costs of going skiing? b. (0.5 pt) Now suppose that you had been planning to spend Sunday working with your group on finishing a presentation you must give in class on Monday. What are the opportunity costs of going skiing in this case?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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