As a Discipline,economics Is Best Described by Which of the Following

question 39

Multiple Choice

As a discipline,economics is best described by which of the following?

• A) the study of how to control the effects of government actions
• B) the study of how to control the preferences of consumers so that there will be enough resources to produce all the goods and services that consumers want
• C) the study of how to use scarce resources to satisfy unlimited wants and needs
• D) the study of how to dispose of excess goods and services that nobody wants
• E) the study of how to maximize profits for firms

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Definitions:

Conflicts of Interest

Situations where an individual's personal interests might conflict with their professional duties or responsibilities.

Risky Actions

Behaviors or decisions that involve a significant degree of uncertainty and potential for negative outcomes.

Conflicting Incentives

This term refers to situations where parties involved have different motivations or incentives, leading to potential conflicts in decision-making.

Contract Terms

The specific conditions, provisions, and obligations agreed upon by parties in a contract.