Economics:
A) studies human behavior when scarcity exists and choices must be made.
B) does not provide a reasonable explanation of how people make decisions.
C) does not accurately explain any human behavior since it is based on the assumption of rationality.
D) is better at showing the way things ought to be than other social sciences.
E) is the only social science that can explain the existence and behavior of public institutions.

Question

Quizplus · Accepted Answer

Economics is the study of how individuals and societies allocate scarce resources among competing uses. It is a social science that is concerned with human behavior when scarcity exists and choices must be made.