Which of the following is the best definition of economics?
a. Economics is the study of how humans make decisions in the face of scarcity.
b. Economics is the study of the division and specialization of labor.
c. Economics is the study of the production of goods and services.
d. Economics is the study of markets.
a. Economics is the study of how humans make decisions in the face of scarcity.
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Refer to the above figure. Excess quantity supplied will exist when
A) the price equals $10. B) quantity demanded equals 3. C) the price equals $6. D) the price is between $0 and $6.
Bank reserves will decrease if
A) Fed liabilities decrease. B) currency held by the public decreases. C) float decreases. D) Fed assets increase.
Which of the following is an example of a capital input?
a. a computer b. a share of stock c. an hour of a worker's time d. $50,000
Bonds sold by the U.S. government that offer a certain real interest rate are known as
A. denominalized securities. B. zero-coupon bonds. C. Treasury Inflation-Protected Securities. D. savings bonds.