Economics can best be defined as the study of how
a. society decides to use its scarce resources in an attempt to satisfy unlimited wants.
b. the government should deal with the problems of unemployment and inflation.
c. to make money in the stock market.
d. the government should eliminate the problem of scarce resources.
a. society decides to use its scarce resources in an attempt to satisfy unlimited wants.
You might also like to view...
A bank can lend out its excess reserves but not its required reserves
a. True b. False Indicate whether the statement is true or false
When the quantity demanded and quantity supplied in a market are equal, the market is said to be in
a. fixation. b. excess supply. c. equilibrium. d. excess demand.
When marginal costs are increasing:
A. a firm is experiencing diminishing returns. B. average cost is always increasing. C. average cost is always decreasing. D. marginal costs are always greater than average costs.
In a monopsony labor market, the employer hires the quantity of labor where the ________ equals the ________
A) marginal revenue of labor; marginal cost of labor B) marginal cost of labor; marginal product of labor C) marginal product of labor; value of marginal product of labor D) marginal cost of labor; value of marginal product of labor