Which Is Not a Core Economic Idea

question 58

Multiple Choice

Which is not a core economic idea?

• A) People make rational choices by comparing costs and benefits.
• B) Efficiency and equity are important goals for an economy.
• C) Cost is what you must give up to get something.
• D) A rational choice is made on the margin.
• E) Choices respond to incentives.

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Definitions:

Product Design

The process of creating a new product to be sold by a business to its customers, including the specification of its features and appearance.

Engineering Assistance

Support provided by engineering professionals to improve product design, production processes, or infrastructure development.

Quality Control

The set of measures and procedures put in place to ensure that products meet predetermined quality standards and are free from defects.

Strategic Sourcing

The systematic and fact-based approach for optimizing an organization's supply base and improving the overall value proposition.