After Swimming 100 Laps at the Pool,Erik Decides to Swim

question 164

Multiple Choice

After swimming 100 laps at the pool,Erik decides to swim 10 more before lifting weights.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:

Social Sciences

The branch of science devoted to the study of societies and the relationships among individuals within those societies.

Lobbying Group

An organization that seeks to influence political decisions in favor of their interests or cause.

Parliament

The supreme legislative body in a country, typically consisting of a lower house (e.g., House of Representatives) and an upper house (e.g., Senate), responsible for making laws.

Foot-In-The-Door Technique

A persuasive strategy that involves getting a person to agree to a small request as a means of eventually getting them to comply with a larger request.