In the text, economics is defined as the science of

a. money and business.
b. choices.
c. scarcity.
d. price.
e. individuals' actions.


 Answer: c. scarcity.

Economics

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Human capital is

A. how firms use more humans than machines in the production process. B. the accumulation of investments that make people more productive. C. more costly than other forms of capital. D. none of these answer options are correct.

Economics

Assume the federal government collects $20 billion in taxes and spends them on the public. If the money multiplier is 2.5, bank reserves

A) and the money supply still increase by only $20 billion. B) increase by $20 billion and the money supply increase by $50 billion. C) and the money supply both increase by $50 billion. D) and the money supply are unaffected.

Economics

Which of the following is a primary product?

a. Tomato sauce b. Chocolate bars c. Salt d. Breakfast cereal e. A desk

Economics

In the short-run, profits will only exist for monopolistically competitive firms

Indicate whether the statement is true or false

Economics