Which of the Following Is NOT True

question 64

Multiple Choice

Which of the following is NOT true?

• A)Resources are scarce when they can satisfy everyone's wants.
• B)The real cost of a choice is what you must give up to enjoy that choice.
• C)People typically make choices that will make them better off.
• D)Rational people use marginal analysis when making "how much" decisions.

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Definitions:

Purchasing Power

Purchasing power refers to the value of a currency expressed in terms of the amount of goods or services that one unit of money can buy, often used to measure the effect of inflation on income.

Inflation

The pace at which the overall price level of goods and services increases, thereby diminishing buying power.

Retirement Income

The funds an individual receives after retiring, which can come from various sources including pensions, savings, and social security.

Actuarial Calculations

The mathematical analysis performed by actuaries to calculate risks, premiums, life expectancies, and pension contributions, based on statistical data.