Which of the following is NOT one of the four principles of individual choice?
A)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 real cost of something is its opportunity cost.
D)People usually take advantage of opportunities to make themselves better off.

Question

Quizplus · Accepted Answer

The statement "Unpaid volunteer work is irrational, since economic rationality dictates that individuals should only engage in work they are paid for" is not one of the four principles of individual choice. The four principles are that resources are scarce, the real cost of something is its opportunity cost, people usually take advantage of opportunities to make themselves better off, and rational people think at the margin.

Which of the Following Is NOT One of the Four