Which statement is NOT a key principle of economics?
A) People follow incentives.
B) Productivity determines the standard of living.
C) Rational thinking requires perfect information.
D) Government can sometimes correct market failure.
Correct Answer:
Verified
Q16: When economists say that all societies face
Q17: Economic problems are analyzed using stylized models
Q18: Ceteris paribus means
A) everything changes.
B) everything is
Q19: When two variables appear to be related
Q20: Economists believe that
A) making information available to
Q22: Which statement is NOT true?
A) There are
Q23: Heather has one employee in her sweater
Q24: John, a farmer, thinks he will make
Q25: Which statement is NOT true of economic
Q26: Economists look for rational responses to incentives.
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