You Lose $20 from Your Wallet and Decide to Miss

question 103

Multiple Choice

You lose $20 from your wallet and decide to miss an hour from work in order to search for it.To an economist, this means that:

• A)you estimate the expected cost of searching for one hour to be greater than $20.
• B)you must earn more than $20 per hour.
• C)in your estimation the expected value of searching for the lost $20 for an hour exceeds your hourly wage.
• D)you are irrational, since it is always a waste of time to search for lost money.
• E)you place no value on your time.

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Definitions:

Peer Influences

The effect that the social group individuals belong to has on their behavior, attitudes, and values.

Adolescent Crowd

A large, loosely-organized group of teenagers who share similar interests and social status.

Adolescent Clique

A small, exclusive group of teenagers or young people who share interests, views, or status.

Same-Sex Partner

an individual with whom one has a romantic or sexual relationship and who is of the same gender.