Question

53. It is a Friday night, and you have an option between three distinct activities:

1. Enjoying a long walk with your dog.

2. Re-watching Game of Thrones.

3. Working out with your bros until you get pumped. You hate Game of Thrones, but enjoy the other two activities; working out is your favourite. What is your opportunity cost of watching Game of Thrones?

(A) The pleasure from watching Game of Thrones.

(B) The pleasure from walking your dog.

(C) The pleasure from working out.

(D) The combined pleasure of all three activities.

54. The actress Betty White will probably die soon. What effect does this have on the market for Betty White memorabilia today?

(A) Supply increases.

(B) Supply decreases.

(C) Demand increases.

(D) Demand decreases.

55. Which of the following is the best example of inductive thinking?

(A) A mathematical proof of the Pythagorean Theorem.

(B) \All dogs are mammals. Tony is a dog. Therefore, Tony is a mammal."

(C) I hate Mondays.

(D) I asked around, and Brock University is where all the beauties are.

Answer 1

Answer to the question no. 53:

Option C: The pleasure from working out.

Explanation: Among the other two activities (i.e. Enjoying a long walk with your dog and Working out with your bros until you get pumped) I enjoy the Working out with my bros. And I don't like game of thrones. So, If i watch the gameof thrones, then I'll forgo the pleasure from working with by brothers. So, the pleasure from working out will be my oppotunity cost of watching the game of thrones because if I don't watch the game of thrones, then I woul work out with my brothers.

Answer to the question no. 54:

Option A: Supply increases.

Explanation: The sellers of the memorabilia will predict that as soon as the actress dies, the people will demand more of memorabilia of the actress. So, the producers will start producing the memorabilia of different designs soas to meet the consumer demand as soon as she dies.

Answer to the question no. 55:

Option D: I asked around, and Brock University is where all the beauties are.

Explanation: Inductive reasoning is a kind of reasoning conclusion of which is not certain. On the otherhand, the conclusion of the deductive reasoning is certain like A mathematical proof of the Pythagorean Theorem and All dogs are mammals. Tony is a dog. Therefore, Tony is a mammal. The statement I asked around, and Brock University is where all the beauties are is an example of inductive reasoning because we cannot say that this is the most beautiful university, the perspective of different people is different from one another. So, we can only say that may be this is the most beautiful university. We can not generalise or prove our statement with proper statistical or mathematical method.

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