Economics is a:
A) social science that studies goods with no alternative uses.
B) natural science that studies goods with no alternative uses.
C) social science concerned chiefly with how people choose among alternatives.
D) social science concerned chiefly with reasons why society has unlimited resources
Ans: C) social science concerned chiefly with how people choose among alternatives.
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What is the difference between scarcity and a shortage?
What will be an ideal response?
According to the Heckscher-Ohlin (HO) model the source of comparative advantage is a country's
A) technology. B) advertising. C) factor endowments. D) Both A and C.
The federal debt is a stock variable that measures the net accumulation of prior federal deficits
a. True b. False Indicate whether the statement is true or false
Suppose workers do not believe the Fed will implement its announced monetary policy plans and the Fed wants to achieve low unemployment. In this situation the Fed would be best off:
a. implementing a policy of high money growth. b. announcing and implementing a policy of low money growth. c. announcing a policy of high money growth and implementing a policy of low money growth. d. following a policy that forces the actual inflation rate to coincide with the expected inflation rate. e. promoting a low rate of inflation and adjusting actual policy plans to economic conditions.