Economics is the study of
What will be an ideal response?
how to allocate resources to satisfy wants and needs
You might also like to view...
Crowding-out is eliminated when the LM curve is ________, so that expansionary fiscal policy ________ the interest rate
A) vertical, does not affect B) vertical, raises C) horizontal, does not affect D) horizontal, raises
The percentage change in the quantity demanded divided by the percentage change in income refers to the:
a. income elasticity of demand. b. cross-price elasticity of demand. c. elasticity of wages. d. elasticity of labor.
The copyright gives its owner
A. the exclusive right to sell a work of intellectual property. B. the ability to protect its "brand" like Coca-Cola. C. (usually students) the right to make photocopies for friends. D. the exclusive right to sell an invention.
In economics, a firm earns a normal profit when its total revenue equals its total economic costs.
Answer the following statement true (T) or false (F)