Which of the following statements do you think reflect soundeconomic thinking? Explain your answer.a. “I paid $400 for this economics course. Therefore, I’m goingto attend the lectures even if they are useless and boring.”b. “Because we own rather than rent, and the house is paidfor, housing doesn’t cost us anything.”c. “I own 100 shares of stock that I can’t afford to sell untilthe price goes up enough for me to get back at least myoriginal investment.”d. “Private education is costly to produce, whereas publicschooling is free.”
Which of the following statements do you think reflect soundeconomic thinking? Explain your answer.a. “I paid $400 for this economics course. Therefore, I’m goingto attend the lectures even if they are useless and boring.”b. “Because we own rather than rent, and the house is paidfor, housing doesn’t cost us anything.”c. “I own 100 shares of stock that I can’t afford to sell untilthe price goes up enough for me to get back at least myoriginal investment.”d. “Private education is costly to produce, whereas publicschooling is free.”
Chapter3: Scarcity, Trade-offs, And Production Possibilities
Section: Chapter Questions
Problem 7P
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Question
Which of the following statements do you think reflect sound
economic thinking? Explain your answer.
a. “I paid $400 for this economics course. Therefore, I’m going
to attend the lectures even if they are useless and boring.”
b. “Because we own rather than rent, and the house is paid
for, housing doesn’t cost us anything.”
c. “I own 100 shares of stock that I can’t afford to sell until
the
original investment.”
d. “Private education is costly to produce, whereas public
schooling is free.”
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