Exam 2: The Key Principles of Economics

Use the marginal principle to explain why government mandated safety features in automobiles during the 1960s and 1970s resulted in an increase in collisions between automobiles and bicycles.

Recall the Application about the best speed at which to sail an ocean cargo ship to answer the following question(s). -Sailing an ocean cargo ship slower to save on the expense of fuel as opposed to sailing it faster to save time and therefore allow it to make more deliveries makes sense if the ________ of sailing slower is less than the ________ of sailing slower.

The real value of money

The opportunity cost of going to a particular college is not the same for everyone.