Understand why even in a society in which one person is better than a second at all tasks, it is still beneficial for the two to specialize and trade. For each of the following, describe some of the potential opportunity costs: A) A foreign government subsidizes its national airline to keep airfares down B) Upgrading to a balcony suite for your cruise around the Mediterranean Sea C) Staying up all night to watch season 5 of Game of Thrones
Understand why even in a society in which one person is better than a second at all tasks, it is still beneficial for the two to specialize and trade. For each of the following, describe some of the potential opportunity costs: A) A foreign government subsidizes its national airline to keep airfares down B) Upgrading to a balcony suite for your cruise around the Mediterranean Sea C) Staying up all night to watch season 5 of Game of Thrones
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Understand why even in a society in which one person is better than a second at all tasks, it is still beneficial for the two to specialize and trade.
For each of the following, describe some of the potential opportunity costs:
A) A foreign government subsidizes its national airline to keep airfares down
B) Upgrading to a balcony suite for your cruise around the Mediterranean Sea
C) Staying up all night to watch season 5 of Game of Thrones
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