Economics is the study of
A. how much people should sell and the prices they should be willing to accept.
B. the allocation of the world's freely available resources and who should get them.
C. how much people should buy and the prices they should be willing to pay.
D. the allocation and use of scarce resources to satisfy unlimited human wants.
Answer: D
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Hans decides to start brushing his teeth less often after signing up for dental insurance. This is an example of:
A. adverse selection. B. moral hazard. C. neither adverse selection nor moral hazard. D. both adverse selection and moral hazard.
An increase in supply, with no change in demand, will lead to ______ _ in equilibrium quantity and ________ in equilibrium price.
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
Which of the following policies would be most effective to control inflation?
A) An increase in government spending to shift aggregate demand to the right. B) A decrease in government spending to shift aggregate demand to the left. C) An increase in taxes to shift aggregate supply to the left. D) None of the above would reduce inflation.
The Keynesian and classical aggregate supply analyses
A. are completely different. B. have some similarities. C. are very similar.