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# According to economists, people will do a particular activity only if the benefits are greater than the costs
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- True/False A change in opportunity costs would probably change a persons behaviorWhy is the scientific method used? so people not trained in science cannot understand it to answer specific questions about the natural world to determine absolute truth to establish moral codes to distinguish good from evilTrue/False (1) People face identical opportunity costs when making decisions (2) Opportunity costs are roughly the same for everyone who attends college
- Scarcity limits the volume of goods that an economic system can produce but does not limit the production of services. True or falsePeople tend to view car travel as being safer than airplane travel, but a person is how many times more likely to die from a car accident than from an airplane crash?Fast-and-frugal heuristics are hypotheses about how people ____ make decisions. 1. Normatively 2. Actually 3. Should 4. Don't
- Most economists believe the scarcity of resources will persist. Why?In some countries the government makes most of the decisions about what will be produced, how it will be produced, and for whom. Does the fact that these choices are made by the government eliminate scarcity in these countries? Why or why not?(1) single choice Q 1.Which of the following statements is true of creative destruction? A. Creative destruction is generally bad for an economy. B. Creative destruction is encouraged in economies with extractive institutions. C. Creative destruction creates losses for some economic agents and benefits for others. D. Creative destruction is a phenomenon that was mostly prevalent before the year 1800. Q 2.Which of the following statements is true? A. Future rewards are worth less than current rewards of the same value. B. Current rewards are worth less than future rewards of the same value. C. Risky options are always preferred to riskless options. D. Riskless options always have higher expected payoffs than risky options. Q 3.Scenario: Three investment options are available in a market. All three options provide the same expected rate of return but have different levels of risk associated with them. Investing in Option A is the riskiest, while investing in Option C is the…
