Assume that a cargo ship carrying the merchandise of a cloth merchant has been wrecked. Such a setback will be accounted as the merchant's:
a. sunk cost.
b. deadweight loss.
c. marginal cost.
d. opportunity cost.
Question 2
_____ is the understanding that perfect information is not likely to be available, and that as a result, people make decisions that in hindsight look irrational, but in reality are the rational results of a brain that is economizing.
a. Reasoning
b. Parametric determinism
c. Rational ignorance
d. Bounded rationality
e. Dynamic inconsistency
Elusive ship
The American clipper ship, Red Jacket, off Cape Horn, sails from Australia to Liverpool, England, in
Kente prestige cloth (detail), Ghana, Ewe peoples.
Purse cover, from the Sutton Hoo burial ship.
Kente Cloth
A gene chip carrying the human gene set. This chip can be used to diagnose genetic disorders