Which of the Following Is the Best Definition of Economics

question 94

Multiple Choice

Which of the following is the best definition of economics?

• A)the study of how a provincial government allocates tax dollars
• B)the study of how consumers spend their income
• C)the study of how producers decide what inputs to hire and what outputs to produce
• D)the study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices
• E)the study of how consumers and producers meet each other at the market

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Definitions:

Concrete Reasoning

The ability to understand and reason about tangible, physical objects and events, rather than abstract concepts.

Analytic Thought

The process of using logic and critical reasoning to break down complex problems or ideas.

Hypothetical-Deductive Thinking

A form of reasoning which involves developing hypotheses based on what might logically occur, followed by deducing logical, testable inferences, primarily seen in scientific and mathematical problem-solving, characteristic of formal operational thought in adolescence.

Deductive Reasoning

The logical process of reasoning from one or more statements (premises) to reach a logically certain conclusion, moving from generalities to specific instances.