David Finds He Has One Hour of Time in the Evening

question 55

Multiple Choice

David finds he has one hour of time in the evening to allocate on the first day of the new semester.He can do one of two things.He can watch TV for one hour or he can open his economics textbook and read for an hour.The benefit of watching TV is 30;the benefit of reading about economics is 20.
-If David applies the cost-benefit principle accurately,he will

• A) read about economics.
• B) watch TV.
• C) watch TV but fret that he should be reading economics.
• D) read about economics but resent missing TV.
• E) flip a coin,because the economic surplus is the same either way.

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Definitions:

War Of 1812

Conflict fought between the United States and Great Britain from 1812 to 1815, largely over issues of trade restrictions and impressment of American sailors by the British Navy.

War Of 1812

A military conflict between the United States and Great Britain from 1812 to 1815, primarily over British restrictions on U.S. trade and America's desire to expand its territory.

Treaty

A formal agreement between two or more sovereign states, usually regarding peace, alliances, trade, or other international relations.

Standard Error

A measure of the variability or precision of a sample statistic as an estimate of a population parameter.