Identify the Logic of Economics That Those Who Have Not

question 31

Multiple Choice

Identify the logic of economics that those who have not studied economics may fail to understand.

• A)The implicit cost of a commodity is always higher than the explicit cost.
• B)Individual wants are limited by means.
• C)Private goods do not have a social cost.
• D)Public goods are available to us freely.
• E)There are costs to everything.

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Definitions:

Abolitionists

People who advocated for the immediate end of slavery and the emancipation of slaves, primarily active in the 18th and 19th centuries.

Mental Expectations

The beliefs or forecasts an individual holds about future outcomes or behaviors.

Taste

A sense that detects the flavor of substances, including sweetness, sourness, bitterness, saltiness, and umami, through taste buds on the tongue.

Psychokinesis

The claimed paranormal ability to move or manipulate objects with the mind without physical interaction.