Economics Can Be Defined as the Social Science That Explains

question 365

Multiple Choice

Economics can be defined as the social science that explains the .

• A) choices made by politicians
• B) choices made by households
• C) choices that we make as we cope with scarcity
• D) choices we make when we trade in markets

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Definitions:

Entry Fees

charges that must be paid to gain access to a service, event, or establishment.

Regressive Tax

A tax levied at a rate that decreases as the taxpayer's income increases, placing a heavier burden on low-income individuals.

Federal Inheritance Tax

A tax imposed by the federal government on the transfer of estate from a deceased person to their beneficiaries or heirs.

General Sales Tax

A tax imposed on sales transactions, usually calculated as a percentage of the selling price of goods and services.