Suppose you want to get to Orlando, Florida, for the week-long spring break. You can get there in two and one-half days by bus, and back in another two and one-half days. This will cost you 20 round-trip. You can fly there and back in four hours each way. This will cost 200 . Which of the following is not true?
a. It may be economically rational for you to go by plane rather than by bus.
b. Depending on what else you can do that week, it may be economically rational for you to not go at all rather than to go by bus.
c. The true cost of going to Orlando is either the time or the money you spend traveling, whichever it is you value more.
d. The more you'd enjoy Orlando, the more economically rational it becomes for you to fly there instead of taking the bus.
e. It is possible that it is rational for you to fly and rational for others to take the bus.
Question 2
Which of the following statements is true?
a. The money price is usually the same as the time price for most consumers.
b. The money price of a good is always greater than the time price.
c. The money price is always greater for high-wage earners than for low-wage earners.
d. The time price is usually less for low-wage earners than for high-wage earners.
e. The time price of a good is directly proportional to the money price.
Florida Panther
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