Which of the following statements is true?
A)Any time you have to decide which action to take you are experiencing economic equity.
B)Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as with a stock clearance sale.
C)Every individual, no matter how rich or poor, is faced with situations that require trade-offs.
D)Economics is a social science that studies the trade-offs we are forced to make because resources are unlimited.

Question

Quizplus · Accepted Answer

The statement is true because trade-offs refer to making a decision and giving up one option for another. This applies to all individuals, regardless of their economic status. Option A is incorrect because economic equity is the fair distribution of resources among individuals and is not always related to decision-making. Option B is incorrect because trade-offs still apply in a clearance sale, as the consumer is making a decision to purchase the product at a lower price and giving up the option to wait for a better price or purchase a different product. Option D is incorrect because economics studies the allocation of scarce resources to satisfy unlimited human wants, not just trade-offs.

Which of the Following Statements Is True