E-journal 1:

1. Explain why the opportunity cost of a chosen activity is the value of the next best alternative rather than the sum of the values of all the alternatives given up.

2. Exhibit 1-1 suggests that studying economics leads to higher LSAT scores. Is the sentence above an example of a positive or a normative statement? Do you think it is an example of the fallacy of false cause? How might you determine whether or not this is the case?

Post your e-journal response to All Public Folders - Academic Departments - Economics - Rittenberg - EC151-01 - E-journal 1 by midnight.