Question

John decides to leave college early and play professional sports. Which of the following economic principles does John​ use? ​i) personal economic policies ​ii) marginal cost versus marginal benefit analysis ​iii) normative versus positive economics

Answer 1

Answer:

​i) personal economic policies ​ii) marginal cost versus marginal benefit analysis

Explanation:

Marginal costs and benefits are an integral part of the economy as they help to calculate costs and benefits accurately at a particular production stage and usage stage.

An economic policy is an act that aims at influencing or controlling economic behavior.

At this stage John believes his decision will influence his economy positively and he sees more long-term benefits than costs for him if he plays professional sports rather than staying in college.