When Considering Consequences, Rather Than Duties, Which of These Is

question 10

Multiple Choice

When considering consequences, rather than duties, which of these is not a relevant factor?

• A) the immediate and long term cost of various options
• B) the motives or intentions of the decision maker
• C) the benefits that can reasonably be predicted
• D) the extent to which various groups will be impacted

Grasp Adam Smith's contributions to economics and his view on self-interest and competitive markets.

Recognize the role of scarcity in economic theory and how it leads to the need for rationing resources.

Distinguish between objective and subjective concepts in economics.

Understand the basic definitions and principles of economics including scarcity, economic change, and resource categorization.

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Definitions:

Economic System

Represents the method employed by societies to allocate resources, produce goods and services, and distribute them amongst its members.

Allocated Efficiently

refers to the optimal distribution of resources so that it maximizes the net benefit received from their use.

Soviet Union

A former federal socialist state in Northern Eurasia that existed from 1922 to 1991, composed of multiple Soviet republics.

Fuel Standard Requirements

Regulations that set specific benchmarks for the composition or performance of fuels used in vehicles to reduce environmental impact.