Which of the Following Is Part of the Economic Way

question 147

Multiple Choice

Which of the following is part of the economic way of thinking?

• A) Opportunity costs will always be incurred when scarce resources are used to produce a good.
• B) When the cost of an option increases, individuals will be less likely to choose it.
• C) In addition to their immediate direct effects, economic actions often generate secondary effects that are observable only after the passage of time.
• D) All of the above are part of the economic way of thinking.

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Definitions:

Promisor

An entity or individual who makes a promise to perform a certain action or duty within a contract.

Promisee

The person to whom a promise or agreement is made, especially in a contract.

Age of Majority

The legal age at which an individual is considered an adult and capable of making legal decisions for themselves, such as entering into contracts and voting, varying by jurisdiction.

New Consideration

Additional or different consideration offered in a contract, beyond what was initially agreed upon, often required for the enforcement of modifications or new agreements.