Which of the Following Is the Best Definition of Economics

question 42

Multiple Choice

Which of the following is the best definition of economics?

• A) An investigation of the quantities and prices of the various goods produced by the nations of the world.
• B) A study of why inflation and unemployment periodically plague the U.S. economy.
• C) An analysis of how individuals and societies deal with the problem of scarcity.
• D) An examination of the role that money plays in the economy.
• E) A study of how goods and services are distributed throughout the world.

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Definitions:

Accounting Standards

are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP).

GAAP

Generally Accepted Accounting Principles (GAAP) are a set of rules and standards used in the United States for financial reporting.

Implementation

The process of putting a decision or plan into effect; execution of a plan or policy.

Advantages

The beneficial factors or positive attributes that contribute to the success or competitiveness of something.