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Questions and Answers
Which of the following best defines rational behavior?
Which of the following best defines rational behavior?
- Weighing benefits and costs before selecting the most attractive option (correct)
- Selecting the option that benefits others the most
- Making decisions based on emotions
- Selecting the least attractive option
What is the main economic problem faced by individuals and societies?
What is the main economic problem faced by individuals and societies?
- Unlimited resources and unlimited wants
- Unlimited resources and limited wants
- Limited resources and limited wants
- Limited resources and unlimited wants (correct)
What are economic resources?
What are economic resources?
- Items used in all types of production, except for human resources
- Items used in production that are not scarce
- Items used in production that are not essential
- Items used in all types of production, including natural, capital, and human resources (correct)
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