Which of the Following Statements Best Describes the Underlying Feature

question 67

Multiple Choice

Which of the following statements best describes the underlying feature in most economic problems?

• A)People have unlimited wants in the face of limited resources.
• B)There are unlimited resources.
• C)Our country is rich; we just don't realize it.
• D)People have limited wants in the face of limited resources.
• E)Governments should never interfere in the workings of a market economy.

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Definitions:

Informational Social Influence

The effect of other people's behavior on an individual's actions and beliefs, stemming from the desire to be correct in situations where the correct action or belief is uncertain.

Cognitive Dissonance Theory

A theory suggesting that individuals experience discomfort (dissonance) from holding two or more conflicting cognitions (thoughts, beliefs, or attitudes), leading them to alter behavior or attitudes to reduce discomfort.

Role

The function or position that an individual assumes or is given in a social context, which influences behavior and expectations.

Cognitive Dissonance

The mental discomfort experienced by a person who holds conflicting beliefs, values, or attitudes, especially relating to behavioral decisions and attitude change.