Which of the Following Principles Underlies the Economics of Individual

question 101

Multiple Choice

Which of the following principles underlies the economics of individual choices?

• A)There are gains from trade.
• B)Markets move toward equilibrium.
• C)People usually exploit opportunities to make themselves better off.
• D)Resources should be used as efficiently as possible to achieve society's goals.

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Definitions:

Individual Mobility

The ability of an individual to move within or between social strata in a society.

Group Distancing

The process by which individuals or groups distance themselves from other groups, especially those considered to be of lower status or incompatible.

Self-Esteem

Self-esteem is the subjective evaluation of one's own worth, including feelings of confidence, competence, and self-respect.

Death Anxiety

The fear or apprehension about the inevitability of death and the uncertainty surrounding it.