Individuals Must Make Choices Because

question 75

Multiple Choice

Individuals must make choices because

• A) resources are scarce and wants are limited
• B) resources and wants are unlimited
• C) assets and wealth are distributed unevenly
• D) resources are scarce and wants are unlimited
• E) inflation usually outpaces income growth

Understand the concept of intelligence and its multiple dimensions.

Examine Howard Gardner's theory of multiple intelligences and its implications.

Analyze Robert Sternberg's triarchic theory of intelligence.

Compare and contrast different theories of intelligence.

---

Definitions:

Short Run

A period in economics where at least one input (e.g., capital) is fixed, focusing on immediate effects rather than long-term outcomes.

Resources

A broad term for the assets, materials, and inputs used to produce goods and services, including natural, human, and capital resources.

Variable Cost

A cost that changes in proportion to the level of activity or volume of output in a business.

Wages

Payments made to workers for their labor, usually calculated on an hourly, daily, or piecework basis.