Which of Following Statements About Economics Is the Most Accurate

question 210

Multiple Choice

Which of following statements about economics is the most accurate?

• A) It explores how choices are made between conflicting wants and desires in a world of scarcity.
• B) It relies entirely upon normative analysis.
• C) It typically uses controlled experiments to learn about consumer and firm behaviour.
• D) It uses models that cannot be tested empirically due to the complex nature of the economy.

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Definitions:

Oil Shale

Oil shale is a type of sedimentary rock that contains kerogen, a solid mix of organic chemical compounds from which liquid hydrocarbons can be produced, like shale oil.

Methane

A colorless, odorless flammable gas that is the simplest member of the alkane hydrocarbons, with a chemical formula of CH4.

Coal Deposits

Coal Deposits are accumulations of coal found in the Earth’s crust, originating from the decayed plant material under high pressure and heat over millions of years, primarily used as a fossil fuel.

Uranium Deposits

Concentrations of uranium minerals within the earth's crust, typically exploitable for nuclear fuel.