The way that a society uses to allocate resources to satisfy human wants is called
A) an economic system.
B) an assumption.
C) realism.
D) a physical science.
Answer: A
You might also like to view...
If the above figure illustrated a perfectly competitive industry, the equilibrium market price would be equal to
A) $4. B) $7. C) $9. D) $11.
On an isoquant/isocost graph, the least cost input combination of producing a given output is
A) given by the tangency between the isoquant curve and the isocost line. B) any point on the isocost line. C) any point on the isoquant curve. D) one of the intercept values on the graph.
Money is legal tender if: a. people willingly accept it in payment of debts. b. it is backed by gold or silver
c. it is commodity money. d. the government says it is. e. it is in a bank account.
Suppose two economists disagree about who would be helped or hurt by certain legislation. These disagreements
a. are positive in nature b. are minor and rarely lead to different policies or conclusions c. are normative in nature d. occur as the result of a mistake made by an economist e. occur because economic models are more complex, and subject to error, than the real world