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.

---

Definitions:

Liquidation Value

Liquidation value is the estimated amount of money that an asset or company could quickly be sold for, such as in a bankruptcy.

Intricate Succession Planning

A detailed and comprehensive approach to developing and implementing strategies for passing leadership roles within an organization to ensure continuity.

Family Business

A commercial organization in which decision-making is influenced by multiple generations of a family related by blood, marriage, or adoption who have a vested interest in the firm's success.

Profit Margin

A financial metric indicating the percentage of revenue that exceeds the cost of goods sold, showcasing how much the company earns compared to its sales.