Economic information is usually scarce and costly to acquire. It requires resources such as time, money, and skilled personnel to gather relevant data, analyze it and draw conclusions from it. Therefore, decision makers need to carefully assess the costs and benefits of obtaining economic information before making a decision.

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Economic Information

Question 73

Multiple Choice

Economic information

A) is usually scarce and costly to acquire
B) is usually available free to any decision maker
C) is usually not required for rational decision making
D) must be complete before any decision is made
E) is usually useful only to governments

Correct Answer: