Which of the following statements is true?
A) Economics is concerned with money, not choices.
B) Economics can be used to predict people's actions.
C) Economics does not provide insights into human behavior.
D) Economic reasoning tends to reduce the quality of decision making.

Question

Quizplus · Accepted Answer

Economics is based on the idea that people make choices based on their self-interest. Through economic analysis, we can predict how people are likely to act based on these self-interested choices. However, it is important to note that economic models are not perfect and cannot always accurately predict human behavior.

Which of the Following Statements Is True