Multiple Choice
Which of the following best describes the difference between a sales tax and an excise tax?
28
views
0. Basic Principles of Economics
Introduction to Economics
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following is influenced by personal economic choices?
A
Selection of goods and services to purchase
B
Personal investment decisions
C
Allocation of individual resources
D
How much to save or spend
Verified step by step guidance1
Understand that personal economic choices refer to decisions individuals make regarding their own resources, income, and preferences.
Recognize that selecting goods and services to purchase is a direct result of personal preferences and budget constraints, which are core to economic decision-making.
Identify that personal investment decisions involve choosing how to allocate savings or funds into different assets, reflecting individual risk tolerance and financial goals.
Acknowledge that allocation of individual resources means deciding how to distribute limited resources such as time, money, and effort among various uses, which is a fundamental economic choice.
Note that deciding how much to save or spend involves balancing current consumption against future needs, a key aspect of personal economic behavior.
Related Videos
Related Practice
Introduction to Economics practice set
Problem sets built by lead tutorsExpert video explanations