Which Statement Is NOT True According to Standard Economic Theory

question 84

Multiple Choice

Which statement is NOT true according to standard economic theory?

• A)Resources are scarce when they can satisfy everyone's wants.
• B)The true 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:

Faith Factor

The hypothesis that religious belief or spirituality can have positive effects on health and longevity.

External Locus

Refers to the belief that external forces or factors beyond one's control determine life's events.

Internal Locus

A psychological concept referring to individuals who believe they have control over the outcomes of their actions and events in their lives.

Posttraumatic Stress

A psychological disorder that arises from being exposed to or seeing a horrifying incident, causing symptoms including intense fear, recurring dreams, and significant stress.