Economics

question 115

Multiple Choice

Economics:

• A)studies human behavior when scarcity exists and choices must be made.
• B)provides the only reasonable explanation of how people make decisions.
• C)can accurately explain all human behavior since it is based on the assumption of rationality.
• D)is better at showing the way things ought to be than the other social sciences.
• E)is the only social science that can explain the existence and behavior of public institutions.

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Definitions:

Seniority System

A workplace policy where decisions regarding promotions, layoffs, and other job-related matters are made based on an employee's length of service.

Self-motivated

Having the inner drive or initiative to pursue goals or tasks without external encouragement or pressure.

Challenges

Difficulties that need to be overcome or problems that require solutions, often stimulating personal growth or improvement.

Hard Work

Exerting substantial effort or diligence in tasks or responsibilities to achieve success and desired outcomes.