Which of the Following Statements Best Describes the Study of Economics

question 57

Multiple Choice

Which of the following statements best describes the study of economics? Economics studies how

• A) to organize production so that scarcity does not occur.
• B) firms make profits.
• C) we make choices in the face of scarcity.
• D) to create incentives so that scarcity does not exist.
• E) businesses reach decisions.

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Definitions:

Neural Processing

The method by which the nervous system receives, interprets, and responds to signals from the sensory organs or other neural inputs.

Automatic Emotional Responses

Immediate and unconscious emotional reactions to certain stimuli or situations without deliberate thought.

Joseph LeDoux

A neuroscientist known for his work on survival circuits, including mechanisms of fear and emotion in the brain.

Cognitive Reactions

Mental processes as responses to external stimuli, involving perception, memory, judgment, and reasoning.