Which of the following is often referred to as the basic postulate of economics?
A) Individuals act only out of selfish motives.
B) Incentives matter--individuals respond in predictable ways to changes in personal costs and benefits.
C) The accuracy of the assumptions is the best test of an economic theory.
D) The value of a good is objective; it is equal to the cost of producing the good.
Correct Answer:
Verified
Q151: Jim enjoys the feeling of wind in
Q152: Economic analysis assumes that
A) people act only
Q153: Which of the following is true?
A) Changes
Q154: Which of the following is an example
Q155: If a college enforces a new policy
Q157: The economic way of thinking suggests that
Q158: Which of the following groups would most
Q159: Which one of the following statements most
Q160: Which of the following is most consistent
Q161: A firm producing cans buys three tons
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents