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.

---

Definitions:

Recording

The act of capturing data, events or performances in a permanent form for later playback or analysis.

Mortgage

A legal agreement by which a bank, credit union, or other lender lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

Mortgage Loans

A loan secured by the collateral of some specified real estate property which the borrower is obliged to pay back with a predetermined set of payments.

Mortgage Insurance

An insurance policy designed to protect the lender from the risk of default and foreclosure on a mortgage.