Economics is best defined as the study of:
A. whether we will have enough resources in the future.
B. choice in the face of limited resources.
C. the financial concerns of businesses and individuals.
D. the role of government in limiting the choices people make.
Answer: B
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The above figure shows a labor market with minimum wage equal to $16. In this figure, what area equals the deadweight loss?
A) area A B) area B C) area C D) area D E) area E
A firm's demand for labor curve is also called its
A) marginal revenue product of labor curve. B) marginal benefit of labor curve. C) marginal factor cost of labor curve. D) marginal valuation curve.
An advance in technology which increases labor productivity will shift the:
a. labor demand curve to the left. b. MFC curve to the left. c. MP curve downward. d. labor demand curve to the right. e. product demand to the right.
Any point inside the production possibilities frontier is called
A) full employment. B) unemployment. C) efficient. D) unobtainable.