Which of the following statements is true of economic reasoning?
A) Economic reasoning hampers optimal decision making.
B) Economic reasoning can only be used with normative choices.
C) Economic reasoning implies that leisure time is free and costless.
D) Economic reasoning helps people make the best use of scarce resources.
Question 2
The discounted value of a future payment is also referred to as:
A) implicit value.
B) explicit value.
C) present value.
D) temporal value.