Owen Had a Typewriter Shop,but He Went Out of Business

question 187

Multiple Choice

Owen had a typewriter shop,but he went out of business because no one buys typewriters anymore.Which economic principle does this statement BEST represent?

• A)Choices are necessary because resources are scarce.
• B)People usually respond to incentives,exploiting opportunities to make themselves better off.
• C)Markets move toward equilibrium.
• D)One person's spending is another person's income.

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Definitions:

Evaluation Efforts

The systematic assessment of the processes and/or outcomes of a program or project, with the aim of learning from experiences and making improvements.

Measurement

The process of determining the size, quantity, or degree of something, typically through the use of instruments or standardized tests.

Transactional Leader

A leadership style that focuses on the exchanges or transactions between leaders and their followers, often involving rewards for performance and corrections for underperformance.

Transformational Leader

A leadership style characterized by the ability to inspire and motivate followers toward significant change and innovation.