When a Parent Tells You Not to Study Economics Because

question 58

Multiple Choice

When a parent tells you not to study economics because it is a pointless discipline,why is he or she incorrect?

• A) The government continues to play a role in our daily lives.
• B) People have the freedom to do whatever they want, and economists have nothing to add to their decision-making process.
• C) There are not enough resources to produce all the goods and services that are wanted and needed.
• D) Economics has nothing to offer in terms of understanding the stock market.
• E) Economics has nothing to offer in terms of understanding government programs like Social Security.

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Definitions:

Functional Fixedness

A cognitive bias that limits a person to use an object only in the way it is traditionally used, hindering the ability to see alternative uses.

Standardization

The development of uniform procedures for administering and scoring a test, and the creation of norms (performance standards) for the test.

Norms

Shared expectations or rules within a group or culture about how to behave.

Consistent Result

Outcomes or findings that are reliably reproducible under the same conditions, indicating reliability and validity in scientific or analytical experiments.