One major feature of the economic perspective is:
A. that costs are more important than benefits.
B. that scarcity is more important than choice.
C. the idea that the economy has unproductive resources.
D. the assumption of purposeful behavior by individuals.
Answer: D
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Which of the following shifts the supply of loanable funds curve?
A) change in investment demand B) change in "animal spirits" C) change in the real interest rate D) change in disposable income E) change in expected profit
If total utility is increasing as more of a good is consumed: a. marginal utility must be decreasing
b. marginal utility must be increasing at an increasing rate. c. marginal utility is positive. d. both (b) and (c) are true.
Which of the following is a shortcoming of GDP?
a. GDP excludes changes in inventories. b. GDP includes an estimate of illegal transactions. c. GDP excludes nonmarket transactions. d. GDP excludes business investment spending.
The things that must be forgone to acquire a good are called
a. implicit costs. b. opportunity costs. c. explicit costs. d. accounting costs.