Problems & Applications $($Ch $01)$

Which of the following are trade$-$offs faced by a family deciding whether to buy a new car? Check all that apply.

The vehicle is available in several colors.

A newer model offers better protection and functions but is more expensive than an older model.

The same vehicle model is available at various car dealerships.

Which of the following are trade$-$offs faced by a member of Congress deciding how much to spend on national parks? Check all that apply.

National parks are essential to protecting wildlife from extinction.

Dog ownership will surge as a result of better national parks.

Money spent on national parks benefits park visitors, but alternatively the money could be spent on highways to benefit drivers.

Which of the following are trade$-$offs faced by a company president deciding whether to open a new factory? Check all that apply.

The firm can either open a new factory or expand its current factory.

The firm can either open a new factory or upgrade existing equipment.

The firm can either pay out more of its profit to shareholders or earn additional profit next year by increasing production.

Which of the following are trade$-$offs faced by a professor deciding how much time to spend preparing for class? Check all that apply.

The professor likes the students a lot.

The professor has taught the same subject for $4$ years.

The better the lecture, the better the professor's chances of tenure, but time spent preparing the lecture decreases the time the professor has available to work on research.

Which of the following are trade$-$offs faced by a recent college graduate deciding whether to go to graduate school? Check all that apply.

If she goes to graduate school, she won't be able to start a new job and repay her existing student loans.