Which of the Following Is Not Correct

question 349

Multiple Choice

Which of the following is not correct?

• A)Economics is a study of the choices that people make and the resulting interactions they have with one another.
• B)In areas it has already studied, economists have found perfect and unchanging answers.
• C)Economists are trying to expand their understanding of human behavior and society.
• D)The economics of asymmetric information, political economy, and behavioral economics are all topics at the frontier of microeconomics.

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Definitions:

Deadweight Loss

The decrease in economic effectiveness when a product or service fails to achieve or cannot attain its balance point.

Cheesecake

A sweet dessert consisting of one or more layers, primarily a thick layer of cream cheese and egg mixture set atop a base made from crushed cookies, crackers, or sponge cake.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market stability where there is no excess supply or demand.

Consumption Tax

A tax on the spending on goods and services purchased by consumers.