All but One of the Following Are Elements of the Economic

question 7

Multiple Choice

All but one of the following are elements of the economic way of thinking. Which one is not part of the economic way of thinking?

• A) Incentives matter.
• B) The value of goods can be determined objectively.
• C) Economic thinking is marginal thinking.
• D) Information is scarce.

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Definitions:

Psychosocial Development

A theory that describes the stages an individual goes through in the development of personality, emotions, and social relationships.

Cognitive Development

The process of growth and change in intellectual capabilities such as thinking, reasoning, and problem-solving that occurs from infancy to adulthood.

Erikson

A psychologist known for his theory on psychosocial development across the lifespan.

Delay of Gratification

The ability to resist the temptation for an immediate reward and wait for a later, often larger or more satisfying reward.