Cho is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Cho must take time away from work, where she earns $10 per hour. This is in addition to paying a $4 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? A-The cost of something is what you give up to get it. B-People usually exploit opportunities to make themselves better off. C-Trade can make everyone better off. D-Markets are usually a good way to organize economic activity.
Cho is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Cho must take time away from work, where she earns $10 per hour. This is in addition to paying a $4 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? A-The cost of something is what you give up to get it. B-People usually exploit opportunities to make themselves better off. C-Trade can make everyone better off. D-Markets are usually a good way to organize economic activity.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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6. Scarcity, opportunity cost , and marginal analysis
Cho is training for a triathlon, a timed race that combines swimming, biking, and running.
Consider the following sentence: In order to swim for an hour, Cho must take time away from work, where she earns $10 per hour. This is in addition to paying a $4 entrance fee for the pool.
Which basic principle of individual choice do these statements best illustrate?
A-The cost of something is what you give up to get it.
B-People usually exploit opportunities to make themselves better off.
C-Trade can make everyone better off.
D-Markets are usually a good way to organize economic activity.
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