The most important assumption in economics is-  complexity selfishness rationality human error

Macroeconomics  Group of answer choices is the efficient allocation of societies scarce resources is how to use our scarce resources to maximize societies well being is studied so society can use its limited resources to its maximum potential and increase well being All of the above

In the economy, is there only one efficient combination of goods?

Describe 3 ways in which human decision making differs from the rational individual conventional economic theory.

What is the Samuelson Rule? Why does the market outcome, based on the actions of rational, self-interested individuals will deviate from the results of the Samuelson Rule

In the capitalist economic system, the individuals through the forces of demand and supply interact to determine the allocation of resources as well as prices without external interference. Why then is the government sometimes justified to intervene in the economy to allocate resources?

Suppose an insurance company wants to charge a very healthy individual a premium of $1,200 a year for health coverage. It also wants to charge a less healthy individual a premium of $3,600 a year for health coverage. It is seeking to ascertain from any given customer information regarding his/her health by asking for several pieces of health-related information, such as doctor assessments of the person’s health, history of health-related problems, etc.  The opportunity cost of a very healthy person securing a health report is $250 and the opportunity cost of a less healthy person securing a health report is $650. Of the choices below, how many reports should the company request to best ensure its paying the right premium to the right person? Reconsider the previous health insurance question.  Of the choices below, which one is closest to the spread between the minimum possible number of reports and the maximum possible reports to achieve the company’s desired outcome? Reconsider again…

Why is the equality between the marginal benefit and marginal cost of an action an equilibrium condition in economics? No more than 3 lines

Which of the following fully defines scarcity When the resource is hard to find If the resource is very valuable If the want for the resource exceeds the availability of it the resource

Using your own words, Explain how does the study of economics depend upon the phenomenon of scarcity?