Question

1. which of the following statements is accurate regarding economic choices?

• if you are smart, you can make economic choices that cost you nothing.
• only the choices of wealthy consumers affect the economy.
• economists do not care what choices young people make.
• every person makes economic choices every day.

Explanation:

• All economic choices involve trade-offs (opportunity cost), so no choice costs "nothing", invalidating the first option.
• Choices of all consumers, not just wealthy ones, impact supply, demand, and market activity, so the second option is wrong.
• Economists study all consumer choices, including those of young people, as they influence economic trends, making the third option incorrect.
• All individuals, regardless of age or wealth, make daily choices about spending, saving, or using resources, which are economic choices.

Answer:

D. Every person makes economic choices every day.