Which One of the Following States a Central Element of the Economic

question 109

Multiple Choice

Which one of the following states a central element of the economic way of thinking?

• A) Scarce goods are priceless.
• B) Incentives matter--human choice is influenced in predictable ways by changes in personal costs and benefits.
• C) The realism of the assumptions is the best test of an economic theory.
• D) When deciding how to allocate time, the concept of opportunity cost is meaningless.

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Definitions:

Preemptive War Concept

A strategy or doctrine that advocates for launching a military attack before an enemy can carry out their own attack.

Realpolitik

A political philosophy focused on practical and material factors and considerations, rather than moral or ideological objectives.

World Order

The conceptual framework concerning the distribution of power and authority among the world's states and other global actors, influencing international relations and stability.

Principle of Repentance

A moral or ethical guideline that emphasizes the importance of remorse and making amends for wrongful actions.