Economics is a social science that involves the study of how individuals
A. develop their goals and objectives in life.
B. develop their tastes and preferences.
C. pursue happiness.
D. choose among alternatives to satisfy their unlimited wants.
Answer: D
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If a bank receives a $5 million discount loan from the Fed, then the bank's reserves will
A) increase by $5 million. B) increase by more than $5 million. C) increase by less than $5 million. D) not change.
The Treasury also implements monetary policy
Indicate whether the statement is true or false
Which of the following is a true statement?
A. There is a long-run trade-off between inflation and unemployment. B. There is no trade-off between inflation and unemployment in the long run. C. The short-run Phillips Curve is horizontal. D. The long-run Phillips Curve is horizontal.
The concept of opportunity cost
A. can be applied to the analysis of any decision-making process. B. applies to consumers but not to firms. C. refers only to actual payments and incomes. D. is relevant only to economics.