Which of the Following Is True

question 32

Multiple Choice

Which of the following is true?

• A) Changes in personal costs and benefits will exert a predictable influence on the choices of people.
• B) If one individual gains from an economic activity, then someone else must lose.
• C) If a good is provided free to an individual by government, its production will not consume valuable scarce resources.
• D) If the intentions behind a policy are good, you can be assured that the outcome will be desirable.

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Definitions:

Federal Income Tax

A tax levied by the United States federal government on the annual income of individuals, corporations, trusts, and other legal entities.

Economic Statement

A declaration or report that provides information regarding the financial performance or economic conditions of an entity, sector, or economy.

Minimum Wage

The lowest legal hourly pay for workers, as established by law.

Way Of Thinking

A perspective or method of approaching problems and making decisions based on certain principles, values, or assumptions.