Asked by Priyani Patel on Jun 14, 2024
Verified
Which of the following statements is not correct?
A) Economics is a behavioral science.
B) In large measure, economics is the study of how people make choices.
C) If poverty were eliminated, there would be no reason to study economics.
D) Economic analysis can be used to explain how both individuals and societies make decisions.
Behavioral Science
The study of human and animal behavior through observation and empirical analysis, encompassing fields such as psychology, sociology, and anthropology.
Economic Analysis
The systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving a specific objective.
Poverty
The state of being extremely poor, where individuals or communities lack the financial resources to meet basic living needs.
- Differentiate between economic concepts and misconceptions.
Verified Answer
CB
Chase BremnerJun 19, 2024
Final Answer :
C
Explanation :
Economics is not solely focused on poverty but on how resources are allocated and decisions are made under conditions of scarcity. Even if poverty were eliminated, the study of economics would still be relevant for understanding choices, resource allocation, and decision-making processes.
Learning Objectives
- Differentiate between economic concepts and misconceptions.