You Decide Whether to Eat One More Slice of Pizza

question 62

Multiple Choice

You decide whether to eat one more slice of pizza based on how hungry you feel.Which economic principle does this statement BEST represent?

• A)Choices are necessary because resources are scarce.
• B)The true cost of something is its opportunity cost.
• C)"How much" is a decision at the margin.
• D)There are gains from trade.

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Definitions:

Future Value

The value of an asset or cash at a specified date in the future that is equivalent in value to a specified sum today.

Retirement Income

The total income a person receives after retiring from work, which can come from pensions, savings, investments, and social security benefits.

Compounded Semi-Annually

Interest added to the principal of a deposit or loan every six months, affecting total interest earned or paid.

Periodic Interest Rate

The interest rate applied to a loan or savings account over a specific period of time, often monthly or annually.