Which of the Following Statements Is True

question 209

Multiple Choice

Which of the following statements is true?

• A)Any time you have to decide which action to take you are experiencing economic equity.
• B)Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as with a stock clearance sale.
• C)Every individual, no matter how rich or poor, is faced with situations that require trade-offs.
• D)Economics is a social science that studies the trade-offs we are forced to make because resources are unlimited.

Apply critical thinking to assess the validity of statistical claims in research.

Demonstrate an understanding of the role of sample size and variability in hypothesis testing.

Identify situations where hypothesis testing is applicable and select an appropriate test.

Understand the concept and calculation of margin of error in the context of polls and surveys.

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Definitions:

Dimes

A coin representing ten cents in the United States currency.

Marginal Rate

The marginal rate usually refers to the incremental increase or decrease in the assessment of a variable or cost in response to a change in some activity.

Goods A

Indicating a generic category of tangible products or commodities.

Budget Constraint

The financial limit on the consumption choices of an individual or household based on income and the prices of goods and services.