The study of economics is best described as a study of
A) capitalism.
B) the factors that influence the stock and bond markets.
C) the choices made in producing goods and services.
D) how people earn a living.
E) coping with scarcity, and choices made as a result of scarcity in a society.
E
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In the figure above, when the price falls from $5 to $4, the price elasticity of demand is
A) 2. B) 3. C) 0.75. D) 1.5. E) 0.33.
If you are offered a gamble in which you win 500 dollars 3/8 of the time and you lose 500 dollars 5/8 of the time, what is your expected payoff and your behavior given that you are a risk-lover?
A) $500, take the gamble B) -$125, take the gamble C) -$125, it is unclear what you would do without further information D) $500, decline the gamble E) -$125, decline the gamble
The ________ the returns on two securities move together, the ________ benefit there is from diversification
A) less; more B) less; less C) more; more D) more; greater
Which of the following measures can give some indication of the quality of life in an economy?
A. Life expectancy B. Literacy rates C. Child mortality D. All of these help to assess quality of life.