An Economist Is an Individual Who Would Be Least Able

question 73

Multiple Choice

An economist is an individual who would be least able to answer which research question?

• A) how much of a product is purchased at a specific price
• B) how the tastes and preferences of consumers are determined
• C) what firms decide to produce
• D) how goods and services are distributed to the population
• E) how firms decide to produce a good or service

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Definitions:

Funding

The act of providing financial resources, typically in the form of money, or other values such as effort or time, to support a program, project, business, or individual.

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world with limited resources, which leads to the necessity of making choices on how to allocate resources.

Resources

Assets or inputs used in the production of goods and services, such as time, labor, and capital.

Economy

An extensive network of activities related to producing, consuming, and exchanging that assists in allocating limited resources.