Which of the following is correct?
a. The word economy comes from the Greek word for "rational thinker.".
b. Economists study the management of scarce resources.
c. Because economists believe that people pursue their best interests, they are not interested in how people interact.
d. All of the above are correct.
b
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Your neighbor's 10-year old son has come to your house to collect money for a relief fund to benefit hurricane victims
You were initially unwilling to contribute but agreed to give when you discovered that he had already collected money from all your neighbors. This is an example of ________. A) pure altruism B) impure altruism C) liberalism D) rationalism
Suppose you borrow $2,000 for one year and at the end of the year you repay the $2,000 plus $110 of interest. If the expected inflation rate was 2.2% at the time you took out the loan, what was the real interest rate you paid?
A) 2.2% B) 3.3% C) 5.5% D) 7.7%
Very Technical is a firm that sells computing equipment. It costs Very Technical $125 for each order of computer monitors and the variable cost of placing an order is $10 per monitor. Very Technical pays an annual holding cost of $20 per monitor. If Very Technical sells 8,000 computer monitors a year and they order 1,000 monitors, what is the total annual cost of the monitors?
A) $59,500 B) $101,000 C) $87,500 D) $91,000
Scarcity is illustrated graphically by a production possibilities frontier
a. True b. False Indicate whether the statement is true or false