Which One of the Following States a Central Element of the Economic

question 109

Multiple Choice

Which one of the following states a central element of the economic way of thinking?

• A) Scarce goods are priceless.
• B) Incentives matter--human choice is influenced in predictable ways by changes in personal costs and benefits.
• C) The realism of the assumptions is the best test of an economic theory.
• D) When deciding how to allocate time, the concept of opportunity cost is meaningless.

---

Definitions:

Difficulty Falling Asleep

A sleep disorder symptom where one has trouble initiating sleep, affecting overall quality and health.

Maintaining Sleep

The ability to stay asleep for an adequate duration to achieve restorative sleep without frequent awakenings or periods of wakefulness during the night.

Psychophysiological Disorders

Conditions in which psychological factors significantly affect physiological functioning, leading to physical symptoms or diseases.

Fictitious Disorders

Conditions that are deliberately produced or feigned by individuals for psychological or other personal gains, not to be confused with genuine illnesses.