Economics
a. studies human behavior when scarcity exists and choices must be made
b. provides the only reasonable explanation of how people make decisions
c. can accurately explain all human behavior since it is based on the assumption of rationality
d. is better at showing the way things ought to be than the other social sciences are
e. is the only social science that can explain the existence and behavior of public institutions
Question 2
Michigan has an abundant supply of fresh water. However, an economist would consider it a scarce resource because
a. water is necessary for humans' physical survival
b. pollution will eventually destroy all life in the Great Lakes
c. water is limited relative to people's unlimited wants
d. water commands a very high price
e. nature can destroy water as well as create it
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