Which Statement Is a Key Idea in Economic Thinking

question 67

Multiple Choice

Which statement is a key idea in economic thinking?

• A) Scarcity exists for the poor but not for the rich.
• B) Incentives matter.
• C) The value of a good can be objectively measured and is the same for everyone.
• D) All of these are key ideas in economic thinking.

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Definitions:

Confidence Level

The probability that a statistical result is not due to chance, often expressed as a percentage.

Accuracy Level

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or standard.

Sample Size

The number of observations or individuals taken from a population for the purpose of statistical analysis.