Which Statement Most Accurately Defines Economics

question 169

Multiple Choice

Which statement most accurately defines economics?

• A)Economics is the study of how to eliminate scarcity.
• B)Economics is the study of values a society should live by.
• C)Economics is the study of how people make choices to satisfy their wants.
• D)Economics is the study of how people make money.

---

Definitions:

Taxpayer

An individual or business entity that is obligated to make payments to governmental authorities in the form of taxes.

Tax Tables

Charts or tables provided by tax authorities that display tax rates and brackets for calculating taxes owed based on income levels.

Taxable Income

The amount of income that is subject to tax, after all deductions and exemptions are taken into account.

Intervals

Periods of time between events; in finance, it may refer to the frequency with which interest is applied or compounded.