Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there would be no reason to study economics. Ob. In large measure, economics is the study of how people...

Extracted text: Which of the following statements is NOT correct? Select one: O a. If poverty was eliminated there would be no reason to study economics. Ob. In large measure, economics is the study of how people make choices. O c. Economics is a behavioral science. O d. Economic analysis can be used to explain how both individuals and societies make decisions.


Extracted text: Rick buys an old Mustang for $3,000, planning to restore and sell the car. He goes on to spend $9,000 restoring the car. At this point, he can sell the car for $10,000. As an alternative, he can spend an additional $3,000 replacing the engine. With a new engine, the car would sell for $13,000. Rick should O a. complete the repairs and sell the car for $13,000. O b. be indifferent between (i) selling the car now and (ii) replacing the engine and then selling it. O c. sell the car now for $10,000. O d. keep the car as it would not be rational to carry out the renovation.