Which of the Following Statements Is Not Correct

question 231

Multiple Choice

Which of the following statements is not correct?

• A) Economics is a behavioral science.
• B) In large measure, economics is the study of how people make choices.
• C) If poverty were eliminated, there would be no reason to study economics.
• D) Economic analysis can be used to explain how both individuals and societies make decisions.

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Definitions:

Union Labor

Workforce that is represented by a union, which negotiates wages, working conditions, and other benefits on their behalf.

Production Cost

The total expense incurred in manufacturing a product or offering a service, including raw materials, labor, and overheads.

Final Product

A good or service that has completed all stages of production and is ready for consumption by the end-user.

Labor Costs

The total sum of all wages, benefits, and taxes paid to employees by an employer for work performed.