1 pts U
Question 1
Suppose that a family decides to spend all of their available money on a fancy vacation instead of purchasing
a much needed new automobile. From an economist's perspective, which of the following statements about
this decision is likely to be true?
The decision is irresponsible because choosing a vacation over a much needed new automobile is an improper use of
scarce resources.
The decision must have been made by accident and is therefore irresponsible.
The decision is responsible because it reflects the family's preference for vacations over new automobiles.
The decision is responsible because a vacation must be taken during a specific season, but a car can be purchased
anytime