Which of the Following Statements Is Correct About the Economic

question 202

Multiple Choice

Which of the following statements is correct about the economic way of thinking?

• A) If the buyer of a good gains, the seller must lose an equal amount.
• B) The value of goods is objective; it is equal to the cost of supplying the good.
• C) Opportunity costs will always be incurred when scarce resources are used to produce a good.
• D) Changes in incentives generally have no effect on human behavior.

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Definitions:

Conscious Awareness

The state or quality of being aware of an external object or something within oneself.

Mechanoreceptors

Mechanoreceptors are sensory receptors that respond to mechanical pressure or distortion, involved in processes like touch, hearing, and balance.

Pressure

The force applied perpendicular to the surface of an object per unit area over which that force is distributed.

Proprioception

The sense allowing a person to perceive the position and movement of their body parts without using sight, contributing to balance and coordination.