Travi Assessment 1 Spring 2018 2. Problems and Applications Q1 which of the foll

Question

Travi Assessment 1 Spring 2018 2. Problems and Applications Q1 which of the following describe some of the trade-offs faced by a family deciding whether to buy a new car? Check all that apply. D An increase in the family's car payment means the family will be unable to afford a vacation. A newer model offers better protection and functions but is more expensive than an older model The vehicle is available in several colors. Which of the following describe some of the trade-offs faced by a member of Congress deciding how much to spend on national parks? Check all that National parks are essential to protecting wildlife from extinction Money spent on national parks benefits park visitors, but alternatively the money could be spent on highways to benefit drivers. Dog ownership will surge as a result of better national parks Which of the following describe some of the trade-offs faced by a company president deciding whether to open a new factory? Check all that apply The firm can ether pay out more of its profit to shareholders or earn additional profit next year by increasing production. The firm can either open a new factory or upgrade existing equipment. Type here to search

Explanation / Answer

1) In first question a trade of is faced by a family whether to buy a car is that increase in the family car payment means that family will be unable to go to vacation .here the trade of is between whether to go for a vacation or buy a new car .if a family buys a new car than they have to forgo vacation.so first option is correct

2) trade off faced by a member of congress between how much money to be spend on national park is money could be spent on highway which will benefit driver so the second option is correct .In this money is spent on national park then welfare of the driver should be sacrificed so there is a tradeoff between money spent on national park and on highway

3) the tradeoff for opening a new factory is to upgrade existing equipment so second option is correct .a firm can make expenditure on a new factory or can make expenditure on upgradation of existing equipment so there is a trade of

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