Which of the following defines economics? Economics is the social science that studies ___________
A. the best way of eliminating scarcity
B. the choices made to cope with scarcity, how incentives influence those choices, and how the choices are coordinated
C. how money is created and used
D. the inevitable conflict between self-interest and the social interest
B Answer B uses the definition of economics on page 2.
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If the economy were producing at point A and moved to point B the opportunity cost in terms of lost production of robots would be
A. 1 unit of robots.
B. 2 units of robots.
C. 3 units of robots.
D. 2 units of outboard motors.
In the textbook model of endogenous growth, the production function is modeled as
A) Y = AK. B) Y = C + I + G + NX. C) Y = X. D) Y = S - I.
In a market economy, what determines whether an entrepreneur will continue in business or terminate the production of a new product?
a. government regulations b. licensing by industrial development agencies c. the profit or loss of the business d. the taxes paid to the government relative to the subsidies received
The effects of a change in government purchases is multiplied throughout an economy...
What will be an ideal response?