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:

U.S. Labor Force

The total number of people in the United States who are employed or actively seeking employment.

U.S. Governments

The federal government of the United States, composed of three branches: legislative, executive, and judicial.

Property Taxes

Levies on property owned by individuals or entities, typically based on the property's value, and used as revenue for local governments.

Tax Revenue

The income that is gained by governments through taxation, used to fund public services, infrastructure, and government operations.