Because resources are scarce relative to wants, the study of economics concerns
A) how money is important to people.
B) how individuals, businesses, and governments make choices.
C) how money is used to buy what people want.
D) None of the above are correct.
B
You might also like to view...
The payoff matrix of economic profits above displays the possible outcomes for Bob and Jane who are involved in game of whether or not to advertise. After each player chooses his or her best strategy and sees the result
A) only Bob would like to change his decision. B) neither player would be willing to change his or her decision unless the other player also changes his or her decision. C) if Jane does not change her decision, Bob would like to change his. D) if Bob does not change his decision, Jane would like to change hers.
In order to produce 100 oatmeal cookies, Goodie Cookie Co incurs an average total cost of $0.25 per cookie. The company's marginal cost is constant at $0.10 for all oatmeal cookies produced. The total cost to produce 50 oatmeal cookies is _____
a. $25 b. $20 c. $50 d. $60
The unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed equals:
A. 20.2 %. B. 16.8%. C. 14.4%. D. 11%.
The concept of Nash equilibrium states that
A) no firm can improve their outcome holding the other firm's actions constant. B) all firms are earning the highest possible profit. C) firms make alternating output decisions. D) None of the above