He Invented the Socratic Method

question 1

Multiple Choice

He invented the Socratic method:

• A) Socrates
• B) Plato
• C) Pluto
• D) Aristotle
• E) Moses

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Definitions:

Diagonal Line

A straight line connecting two nonadjacent corners of a figure, such as a square or rectangle, or a line segment that runs across a geometric figure.

First Welfare Theorem

An economic principle stating that under certain conditions, competitive markets (with no externalities) will lead to a Pareto efficient allocation of resources.

Pure Exchange Economy

An economic model where all agents are consumers, and the only economic activities are the consumption and exchange of goods, with no production.

Numeraire

A standard unit of account in which prices and values are expressed; it serves as a measure for comparing the worth of goods or services.