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:

Formal Contract

A contract that must have a special form or must be created in a specific manner.

Simple Contract

A contract that is not a formal contract. Also called an informal contract.

Third-Party Beneficiary

A third-party beneficiary is a person who, although not a party to the contract, stands to benefit from the contract's execution or has rights that can be enforced under the contract.

Quasi-Contract

An obligation imposed by law in order to prevent unjust enrichment, treated as a contract for the purpose of remedy despite the lack of a formal agreement.