Economics

question 123

Multiple Choice

Economics:

• A) studies human behavior when scarcity exists and choices must be made.
• B) does not provide a reasonable explanation of how people make decisions.
• C) does not accurately explain any human behavior since it is based on the assumption of rationality.
• D) is better at showing the way things ought to be than other social sciences.
• E) is the only social science that can explain the existence and behavior of public institutions.

---

Definitions:

Craft Unions

Labor organizations representing workers who practice a specific craft or trade, focusing on the shared interests and skills of their members rather than the industry as a whole.

Autonomy

The capacity to make an informed, uncoerced decision.

Organizational Structure

The system of tasks, workflows, reporting relationships, and communication channels that link together the diverse parts of an organization.

Assembly Line

A production method where components are sequentially assembled onto a product to efficiently produce a finished item.