Which of the Following Principles Underlies the Interaction of Individual

question 98

Multiple Choice

Which of the following principles underlies the interaction of individual choices?

• A)Resources are scarce.
• B)There are gains from trade.
• C)Marginal analysis is used for "how much" decisions.
• D)People usually exploit opportunities to make themselves better off.

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Definitions:

American System Of Manufactures

A system of production that relied on the mass production of interchangeable parts that could be rapidly assembled into standardized finished products. First perfected in Connecticut by clockmaker Eli Terry and by small-arms producer Eli Whitney in the 1840s and 1850s.

Interchangeable Parts

A manufacturing system where components are made to such precise standards that they can be swapped with similar parts in other assemblies without custom fitting.

Eli Terry

An American clockmaker from the early 19th century, known for his role in developing mass production techniques in clockmaking, significantly impacting the industry.

German Immigrants

Individuals from Germany who migrated to another country, significantly impacting the cultural and social composition of their new communities, especially in the 19th and early 20th centuries.