Economics is most precisely defined as
A. the same as the study of finance and management.
B. a study of what people need to survive.
C. the study of how people make choices.
D. a study of how culture evolves in different geographic areas.
Answer: C
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Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of
A) microeconomics. B) social interest versus self-interest. C) macroeconomics. D) why to produce. E) scarcity.
The current account surplus is not
A) the trade balance. B) the excess of national savings over investment. C) private saving less government deficit. D) output less taxes and trade deficit.
The recovery from the low point of the Great Depression lasted for ____ months.
A. 12 B. 25 C. 50 D. 90
The WTO functions as:
A. The enforcer of trade rules for the world. B. An international informant on terrorism. C. An international weapons inspector. D. The international authority on currency exchange.