BIOL 1001 Chapter : CH 2 OUTLINE
Document Summary
Econ in class quiz questions: billie jean has to spend and wants to buy either a new amplifier for her guitar or a new mp3 player to listen to music while working out. Both the amplifier and the mp3 player cost , so she can only buy one. Answer: people face trade offs: suppose the government taxes the wealthy at a higher rate than it taxes the poor and then develops programs to redistribute the tax revenue from the wealthy to the poor. Answer: is more equal but less efficient for society: your opportunity cost of going to a movie is. Answer: the total cash expenditure needed to go to the movie plus the value of your time: consider mandy"s decision to go to college. If she goes to college, she will spend ,000 on tuition, ,000 on room and board, and ,000 on books.
