Explain why economics is considered a social science
What will be an ideal response?
Economics is a social science because it studies the actions of individuals. As a social science, economics considers human behavior, particularly decision-making behavior, in every context.
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Other things equal, an increase in transfer payments will ________ consumption expenditures, which leads to ________ in output and employment
A) increase; an increase B) increase; a decrease C) decrease; an increase D) decrease; a decrease
Economic reasoning predicts that there will be strong pressures to make real-world markets perfectly competitive.
Answer the following statement true (T) or false (F)
In comparing money to a U.S. Treasury bond held by an individual, we can say:
A. only the bond is legal tender since it is an obligation of the U.S. government. B. both are legal tender. C. both are units of account. D. both are stores of value.
Which of the following refers to the total quantity and quality of goods and services that can be purchased with the currency used in a country's economic system?
a. Standard of living b. Purchasing power c. GDP per capita d. Gross National Product (GNP)