One of the basic principles of economics is that markets are usually a good way to organize economic activity. This principle is explained by the study of

a. factor markets.
b. energy markets.
c. welfare economics.
d. labor economics.


c

Economics

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In analyzing human decision and action, economists assume that

A. there are no scarce resources in the economy. B. people's behavior reflects rational self-interest. C. scarcity is more important than choice. D. costs are more important than benefits.

Economics

Among the United States, Canada, Russia, India, and the United Kingdom, the country with the highest average income per person is

A) the United Kingdom. B) India. C) Canada. D) Russia. E) the United States.

Economics

Figure 5-12 In Figure 5-12, the move in the consumer equilibrium from A to B shows that

A. beer is an inferior good, but wine is a normal good. B. wine is an inferior good, but beer is a normal good. C. both beer and wine are normal goods. D. both beer and wine are inferior goods.

Economics

Refer to Table 2-8. What is Wilma's opportunity cost of making a statue?

A) 1/3 of a bench B) 6/7 of a statue C) 1/2 of a bench D) 3 benches

Economics