Asked by Kathryn Houle on Jul 21, 2024
Verified
An economics professor points to a student in the front row and announces that "sitting in class is the thing you value most during this time period." Is the professor correct? Why or why not?
Economic Perspective
Viewing and analyzing economic phenomena in terms of costs, benefits, incentives, and the allocation of scarce resources.
Class Value
A concept reflecting the assumed worth or importance of a particular class in societal, economic, or educational settings.
- Appraise economic options by considering the principle of true value and economic standpoints.
Verified Answer
AR
Alejandra RosalesJul 27, 2024
Final Answer :
If the student is rational (and this is an assumption made in economics), he allocates time to its highest valued use. By attending class, the student has revealed that this activity was valued most during that time period. If this were not true, the student wouldn't be there.
Learning Objectives
- Appraise economic options by considering the principle of true value and economic standpoints.