The Basic Concern of Economics Is To

question 124

Multiple Choice

The basic concern of economics is to:

• A) keep business firms from losing money.
• B) prove that capitalism is better than socialism.
• C) study the choices people make.
• D) use unlimited resources to produce goods and services to satisfy limited wants.

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Definitions:

Test-retest Reliability

Describes the degree to which the results of the same test administered on two separate occasions to the same individuals remain consistent.

Percentile

A statistical measure indicating the value below which a given percentage of observations in a group of observations falls.

Normal Curve

A bell-shaped curve that represents the distribution of many types of data in which most values cluster around a central mean.

Standard Deviation

A statistic that measures the dispersion or variation from the average in a set of data, indicating how spread out the numbers are.