Which of the Following Is NOT One of the Four

question 118

Multiple Choice

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.

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Definitions:

Duty

A legal or moral obligation to act or refrain from acting in a certain way.

Sale of Goods

A commercial transaction involving the transfer of ownership of tangible personal property from a seller to a buyer for a price.

Disaffirm

The legal act of renouncing or repudiating a contract or agreement, particularly in cases where one party lacks the capacity to enter into the contract.

Contract of Purchase

A legal document outlining terms and conditions under which goods or services are sold by a seller to a buyer.