EC Quiz 1

EC Quiz 1 - Econ 2023-2 EC Quiz 1 NAME Please fill in the...

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Econ 2023-2 9/20/2011 EC Quiz 1 NAME:_________________________________ Please fill in the blank with the letter you believe to be the best answer to the question ___ 1. An FSU students wants to travel from Tallahassee to South Carolina to watch the football game this weekend between the Florida State Seminoles and the Clemson Tigers. Air travel from Tallahassee to South Carolina costs $320 and takes 4 hours. A bus ticket between the cities costs $120 and takes 12 hours. Other things constant, the minimum value of one’s time that would induce a rational individual to fly rather than take the bus would be a. $80 per hour. b. $26.67 per hour. c. $25 per hour. d. $10 per hour. ___ 2. “There is no such thing as a free lunch.” This statement best reflects the fact that a. it generally requires enormous effort to search out the best place to eat lunch. b. consumers are unwilling to pay for a good unless it provides them with value. c.
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EC Quiz 1 - Econ 2023-2 EC Quiz 1 NAME Please fill in the...

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