Rational self-interest means
A) always increasing your wealth.
B) pursuing what makes you better off.
C) pursuing activities that maximize income.
D) always pursuing activities that are consistent with your faith.
Answer: B
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After Hurricane Katrina, there was considerable public outrage that many of the properties were not insured against flooding although they were insured against wind damage. What might explain these different approaches to insurance?
A) The risk of wind damage is potentially diversifiable, but the risk of flooding is not. B) The risk of flood damage is potentially diversifiable, but the risk of wind damage is not. C) predatory insurance policies D) Neither the risk of wind damage nor the risk of flooding is diversifiable.
Trade-offs can always be considered in terms of opportunity costs.
Answer the following statement true (T) or false (F)