As a Discipline,economics Is Best Described by Which of the Following

question 39

Multiple Choice

As a discipline,economics is best described by which of the following?

• A) the study of how to control the effects of government actions
• B) the study of how to control the preferences of consumers so that there will be enough resources to produce all the goods and services that consumers want
• C) the study of how to use scarce resources to satisfy unlimited wants and needs
• D) the study of how to dispose of excess goods and services that nobody wants
• E) the study of how to maximize profits for firms

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Definitions:

Guidelines

A set of recommendations or principles given to direct action or to determine a course of action.

Social Institution

Established systems of societal norms and structures that govern the behavior and practices of individuals within a community, such as family, religion, and education.

U.S. Census Bureau

The federal agency responsible for collecting and analyzing data about the American people and economy, primarily known for conducting the decadal census.

Family Configurations

Various forms or structures of a family unit, such as nuclear families, single-parent families, extended families, etc.