Study guides, Class notes & Summaries

ECO 365 Final Exam Guide 2019

1. During the winter break, Sam decides to go for a skiing vacation in Aspen instead of taking piano lessons. The opportunity cost of the skiing vacation is the: cost of accommodation and food in Aspen. value of piano lessons. cost of buying a piano. amount paid to the skiing instructor. 2. Which of the following is an example of a negative externality? Smith reducing the consumption of imported wine following an increase in the price of imported wine Phoebe refusing to contribute to the buildi...