Three Premises on Which the Study of Economics Is Based

question 21

Multiple Choice

Three premises on which the study of economics is based are:

• A)price elasticity, choice, and scarcity
• B)scarcity, choice, and preference
• C)choice, price elasticity, and preference
• D)price elasticity, scarcity, and cost maximization

---

Definitions:

Ozone

A molecule made up of three oxygen atoms that occurs naturally in the Earth's stratosphere and protects life by absorbing ultraviolet radiation.

Troposphere

The troposphere is the lowest layer of Earth's atmosphere, extending from the Earth's surface up to about 8 to 15 kilometers, where most weather phenomena occur.

Human Health

The state of complete physical, mental, and social well-being, not merely the absence of disease or infirmity.

Acid Rain

Precipitation with a lower pH than normal, caused by emissions of sulfur dioxide and nitrogen oxides from industrial processes and vehicles, which can harm ecosystems and human-made structures.