Which statement is NOT one of the four principles of individual choice?
A) Choices are necessary because resources are scarce.
B) Unpaid volunteer work is irrational since economic rationality dictates that individuals should only engage in work they are paid for.
C) The true cost of something is its opportunity cost.
D) "How much" is a decision at the margin.

Question

Quizplus · Accepted Answer

The principle of individual choice states that individuals make rational choices based on their self-interest, subject to constraints. It does not state that individuals should only engage in paid work. Therefore, option B is not a valid principle of individual choice.

Which Statement Is NOT One of the Four Principles of Individual