Which of the Following Statements Best Describes the Study of Economics

question 105

Multiple Choice

Which of the following statements best describes the study of economics?

• A) Economics studies how firms make profits.
• B) Economics studies how to organise production so that scarcity does not occur.
• C) Economics studies how businesses reach decisions.
• D) Economics studies how we make choices in the face of scarcity.
• E) Economics studies how to create incentives so that scarcity does not exist.

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Definitions:

Therapeutic

Pertaining to the treatment of disease or disorders, used to heal or provide relief.

Group Leader

An individual responsible for guiding, directing, or managing a group of people towards achieving certain goals or tasks.

Subgroup

A subset of a larger group, usually classified based on shared characteristics or interests.

Covert Glances

Subtle or secretive looks that are not intended to be noticed, often used to observe something or someone without being conspicuous.