Economics is best defined as the study of:
A. supply and demand.
B. the financial concerns of businesses and individuals.
C. inflation, interest rates and the stock market.
D. how people make choices in the face of scarcity and the implications of those choices for society as a whole.
Answer: D
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An open market purchase by the Fed causes the value of the dollar to
A) rise, increasing net exports. B) fall, reducing net exports. C) rise, reducing net exports. D) fall, increasing net exports.
Other things remaining the same, a ________ in the real interest rate ________ the quantity of saving supplied and ________ the quantity of loanable funds supplied
A) rise; increases; decreases B) fall; increases; decreases C) fall; increases; increases D) fall; decreases; increases E) rise; increases; increases
How does the government determine the quota amount that will produce an efficient use of a common resource?
What will be an ideal response?
Making optimal decisions "at the margin" requires
A) making consistently irrational decisions. B) weighing the costs and benefits of a decision before deciding if it should be pursued. C) making decisions according to one's whims and fancies. D) making borderline decisions.