Which of the Following Is Part of the Economic Way

question 147

Multiple Choice

Which of the following is part of the economic way of thinking?

• A) Opportunity costs will always be incurred when scarce resources are used to produce a good.
• B) When the cost of an option increases, individuals will be less likely to choose it.
• C) In addition to their immediate direct effects, economic actions often generate secondary effects that are observable only after the passage of time.
• D) All of the above are part of the economic way of thinking.

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Definitions:

Management Accountants

Professionals who specialize in financial planning, analysis, and reporting for decision-making within organizations.

Internal Consultants

Employees within an organization who provide expertise and advice on specific matters, functioning like consultants but working from within.

Corporate Cops

Informal term for regulators or enforcement agencies overseeing corporate compliance with laws and regulations.

Production Capacity

The maximum amount of goods or services that a facility can produce over a given period under normal circumstances.