If You Decide to Go to Cancún with Your Friends

question 213

Multiple Choice

If you decide to go to Cancún with your friends during spring break, you cannot go to Paris with your sister in the summer. This statement best represents this economic concept:

• A)The real cost of something is what you must give up to get it.
• B)"How much" is a decision at the margin.
• C)People usually exploit opportunities to make themselves better off.
• D)There are gains from trade.

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Definitions:

Availability Heuristic

A cognitive shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method or decision.

Sole Responsibility

A situation or task where one person is entirely accountable without sharing duties or blame with others.

Recall

A measure of memory in which the person must retrieve information learned earlier, as on a fill-in-the-blank test.

Availability Heuristic

A cognitive shortcut that depends on the first examples that pop into someone's head when considering a particular topic, concept, strategy, or choice.