Economists believe that individuals:
A) are motivated primarily by the opinions of their peers.
B) can eradicate scarcity by acting rationally
C) respond in predictable ways to changing circumstances.
D) are concerned only about the welfare of the community and ignore their self-interest.
E) can eradicate scarcity by limiting their demands.
Correct Answer:
Verified
Q29: Suppose the government decides to impose a
Q30: Scarcity:
A)occurs only in command economies
B)can be eliminated
Q31: A tax cut will lead to higher
Q32: A person behaving rationally will:
A)always avoid illegal
Q33: Economists believe that individuals:
A)aim to maximize social
Q35: When economists speak of markets, they primarily
Q36: Which of the following is an example
Q37: Economists assume that when people act rationally
Q38: Incorrect. Economics is the study of the
Q39: The central question in economics is how
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