Which of the Following Is Correct

question 11

Multiple Choice

Which of the following is correct?

• A)The word economy comes from the Greek word for "rational thinker."
• B)Economists study the management of scarce resources.
• C)Because economists believe that people pursue their best interests,they are not interested in how people interact.
• D)All of the above are correct.

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Definitions:

Production Increase

An upward adjustment or rise in the amount of goods and services produced by a company.

Prime Cost

The sum of direct materials and direct labor costs in a manufacturing process, not including overhead expenses.

Incremental Manufacturing Cost

The additional cost incurred to produce an additional unit of product, including direct materials, direct labor, and variable overhead.

Production Increase

The rise in the quantity of goods and services produced by a company over a specific period.