A Rolling Stones Song Goes: "You Can't Always Get What

question 11

Multiple Choice

A Rolling Stones song goes: "You can't always get what you want." This echoes an important theme from microeconomics. Which of the following statements is the best example of this theme?

• A) Consumers must make the best purchasing decisions they can, given their limited incomes.
• B) Workers do not have as much leisure as they would like, given their wages and working conditions.
• C) Workers in planned economies, such as North Korea, do not have much choice over jobs.
• D) Firms in market economies have limited financial resources.

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Definitions:

Nobel Prize

A set of international awards granted annually in several categories such as Peace, Literature, and various sciences, recognizing significant contributions to humanity.

Herbert Simon

An influential scholar in the realms of economics, psychology, and computer science, known for his work on decision-making and artificial intelligence.

Economic Person

A theoretical concept of a person who makes rational decisions by maximizing utility or profit based on limited resources.

Programmed Decision Making

A decision-making process that follows established procedures or rules, often used for routine and repetitive decisions.