Which of the Ten Principles of Economics Does Welfare Economics

question 273

Multiple Choice

Which of the Ten Principles of Economics does welfare economics explain more fully?

• A)The cost of something is what you give up to get it.
• B)Rational people think at the margin.
• C)Markets are usually a good way to organize economic activity.
• D)People respond to incentives.

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Definitions:

Maintenance Rehearsal

A cognitive process involving the repetitive review of information to keep it in short-term memory longer.

Rote Rehearsal

A learning technique that involves repeating information over and over to keep it in short-term memory longer.

Levels-of-processing Model

A cognitive psychology theory that suggests memory retention of information is influenced by the depth of processing, with deeper levels of analysis producing more durable memory.

Deeper Level

Indicates an analysis or understanding that goes beyond the surface to understand underlying meanings or principles.