Which statement most accurately describes economics?
A) Economics is the study of how people make money.
B) Economics is the study of how people make choices to satisfy their wants.
C) Economics is the study of social values a society should choose.
D) Economics is the study of how to eliminate scarcity.
Answer: B
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As the stock of a depletable resource falls, its user cost
A) rises. B) falls. C) is unchanged, but its price rises. D) is unchanged, but the extraction cost rises. E) is unchanged, but its true cost rises.
Imposing taxes in markets where demand and supply are price inelastic:
A. causes less inefficiency than imposing them in price-elastic markets. B. causes more inefficiency than imposing them in price-elastic markets. C. causes no inefficiency. D. cause the same amount of inefficiency because efficiency is unrelated to market elasticity.
Ray Tucker has run his company, Tucker's Towing and Wrecking, for two years and has made an accounting profit of $34,000 each year. As long as Tucker's Towing continues to make accounting profits, it is rational for it to remain in the towing business
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT correct? a. In 2015, the inflation rate was 7.8 percent in the U.S
b. In 2015, the inflation rate was 84.1 percent in Venezuela c. In 2015, the inflation rate was 4.9 percent in India d. In 2015, the inflation rate was 1.5 percent in China.