Which of the Following Statements Is True

question 416

Multiple Choice

Which of the following statements is true?

• A) Anytime you have to decide which action to take you are experiencing economic equity.
• B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale.
• C) Every individual, no matter how rich or poor, is faced with making trade-offs.
• D) Economics is a social science that studies the trade-offs we are forced to make because resources are unlimited.

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Definitions:

Cognitive Revolution

A significant shift in psychology during the 1950s-1970s, emphasizing the study of the mind and mental processes over behaviorist approaches.

Human Behavior

The range of actions and mannerisms exhibited by humans, influenced by culture, attitudes, emotions, values, and genetics.

Methods of Science

Systematic and empirical approaches to the investigation and understanding of phenomena, involving observation, hypothesis, and experimentation.

Respondent Conditioning

A form of learning in which a neutral stimulus becomes associated with a reflexive response through conditioning, also known as classical conditioning.