Economics is best defined as the social science that studies
A) how a person can get everything he or she wants.
B) how choices made in the social interest must conflict with choices made in the self-interest.
C) the way to eliminate choices in our decisions.
D) the choices that societies, and the people and institutions that make up societies, make in dealing with the issue of scarcity.
E) the reason money exists.
D
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An essentially classical feature in the supply-side perception of the saving-investment process is an emphasis on
a. income and, therefore, on aggregate demand. b. the importance of rates of return as influences on the rates of saving, investment, and thus capital formation. c. the inflation rate. d. money neutrality e. both b and d.
Which of the following would be shown on IBM's accounting statement?
a. revenue, implicit costs, explicit costs, and economic profit b. revenue, implicit costs, explicit costs, and accounting profit c. revenue, explicit costs, and economic profit d. revenue, explicit costs, and accounting profit e. revenue, implicit costs, and accounting profit
The classic example of a detrimental externality is
a. education. b. pollution. c. discovery of an AIDS vaccine. d. Mrs. Lewis' prize-winning rose garden.
When a strike or a lockout occurs,
A. Both labor and management suffer. B. Management suffers from a strike while labor suffers from a lockout. C. Only labor suffers. D. Only management suffers.