Kyoko is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Kyoko must take time away from work, where she earns $11 per hour. This is in addition to paying a $4 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate?
1) The cost of something is what you give up to get it
2) Markets are usually a good way to organize economic activity
3) People usually exploit opportunities to make themselves better off.
4) Trade can make everyone better off

Question

05-07-2021
Business

Answered

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Kyoko is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Kyoko must take time away from work, where she earns $11 per hour. This is in addition to paying a $4 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate?
1) The cost of something is what you give up to get it
2) Markets are usually a good way to organize economic activity
3) People usually exploit opportunities to make themselves better off.
4) Trade can make everyone better off

Sagot :

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Ewomazinoadeidn Ewomazinoadeidn · Answer 1 · 2021-07-05T20:27:23-04:00

Answer:

4

Explanation:

A person trades off one activity for the other when in order to carry out an activity one has to give up something

In order for Kyoko to swim, she has to take time away from work where she earns $11. This is what she trades off

A rational consumer would only trade off an activity for another only if the satisfaction derived would be greater than that of the activity traded off

Sagot :

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