Rational choice by an individual implies
a. the use of some mathematical model when solving a problem
b. making decisions aimed at achieving some predetermined goal
c. that only monetary costs and benefits are weighed
d. that an individual will never regret any action taken
e. that scarcity can be eliminated for that individual
Question 2
The assumption that individuals act rationally implies that
a. people think only of themselves and disregard the well-being of others
b. people undertake all those activities that yield benefits to themselves
c. people only consider the costs of an activity to decide whether it is worthwhile
d. the greater the cost of a charitable deed to a benefactor, the more likely he or she is to perform that deed
e. people implicitly calculate the costs and benefits of an activity to decide if it is worthwhile
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