The Study of Economics

question 176

Multiple Choice

The study of economics

• A) focuses mainly on individual consumers.
• B) arises from the fact that our wants exceed available resources.
• C) recognizes that scarcity does not affect rich nations.
• D) deals mainly with microeconomics.

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Definitions:

Enduring Principles

Fundamental truths or values that are consistently held to be important and are used as a foundation for decision-making across time.

Ethical Principles

Principles that guide behavior and decisions based on ideas of right and wrong.

Formal Statement

An official, written expression of a fact, opinion, or policy, often used in legal, professional, or academic contexts.

Corruption

The abuse of entrusted power for private gain, manifesting in various forms such as bribery, embezzlement, and nepotism, negatively affecting the efficiency and fairness of public and private sectors.