Which of the following is true?   a. Human choice is generally not influenced by changes in incentives.   b. Using scarce resources to meet one need reduces our ability to meet needs in other areas.   c. The economic way of thinking stresses that good intentions usually lead to sound economic policy.   d. What is true for the individual must be true for the group as a whole.

Q: Which of the following best illustrates the importance of addressing the three questions of…

A: Finance as a discipline in a general sense revolves around understanding and addressing the…

Q: Which of the following claims about traditional and ecological economics does not demonstrate a…

A: Given that it pertains to every field, economics is regarded as a subject that is pervasive.…

Q: OD. What kind of government will the society have, how will it be run, and who will run it?…

A: A centrally planned economy is one in which the government undertakes the production of goods and…

Q: Normative economics is:    a. An investigation or statement about the norms and culture of other…

A: The study about the scarce allocation of resources among the people of the society is referred to as…

Q: An economic system: a. must choose pure capitalism to adequately answer the three economic…

A: An economic system is defined by which societies or governments organize and distribute available…

Q: Self-interested behavior can lead to positive social results. Adam Smith says that the actions of…

A: The invisible hand is a metaphor for how, in a free market economy, self-interested individuals…

Q: Economists sometimes disagree; why? Group of answer choices A. by not computing the opportunity cost…

A: The correct option is C. Normative statements are those which are related to 'what ought to be'.…

Q: Fast-and-frugal heuristics are hypotheses about how people ____ make decisions. 1. Normatively 2.…

A: Behavioral economics brings together psychological and economic ideas in order in order to better…

Q: Which of the following questions does economics NOT investigate? a. How do individuals deal with…

A: Economics is the social science that study the individual and economic agent behavior in the…

Q: Economists describe a choice as: Group of answer choices A. a tradeoff B. human C. limited resource…

A: Resources are limited in every economy but the wants of humans are unlimited and never ending. To…

Q: Because resources are scarce, a society cannot give all individuals the standard of living to which…

A: Production factors are the components required for economic manufacturing. Examples include land,…

Q: Positive economics is: a. An investigation or statement that attempts to examine or understand how…

A: Positive economics is a stream of economics focused on identifying, quantifying, and explaining…

Q: The primary focus of the study of economics is on: a. expanding the production of goods and…

A: Finance is a social science concerned with understanding how people, groups, and countries control…

Q: The statement "government should provide affordable health care coverage for every member of…

A: In economics, we can undertake statements in two manners. One in which they are based on facts and…

Q: Eva finds that there is not enough time after work to have dinner, exercise, and watch TV, and she…

A: Study of economics states that since resources are limited, society must choose which commodities to…

Q: Eric is training to run a marathon. Consider the following sentence: Eric has only 20 hours per week…

A: The point is that Eric has only 20 hours per week that he can devote to training for his race.

Q: In Hayek's The Use of Knowledge in Society, he asserts that the fundamental problem of society is:…

A: As a distinct key resource, knowledge represents a variety of economic and social development.…

Q: The basic economic argument is that humans face the big problem of __________. That big problem…

A: Scarcity refers to the problem of limited resources available to the economy to produce goods and…

Q: Gambling decisions can be used to show ___ theories of decision making. 1. Normative 2. Creative…

A: In this case, we have to discuss the term gambling. Gambling is the type of betting on any kind of…

Q: According to standard economic theory which is true?   a. Choices people make, including the…

A: *Answer:

Q: Read the text below. Use the words to the right of the text to form a word that fits the context.…

A: (1) the distribution.   (2) Economies.   (3) Compare.   (4) Various.   (5) View.