Economics is best defined as the study of
A) financial decision-making.
B) inflation, unemployment, and economic growth.
C) the choices made by people faced with scarcity.
D) how consumers make purchasing decisions.
C
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The economic way of thinking assumes people, including Mother Teresa, Jack the Ripper, Henry VIII, and Hilary Rodham Clinton, act on the basis of
A) greed. B) altruism. C) terror. D) the projects they are interested in.
Jane has just deposited $2,000 in her checking account. She knows that the bank will keep part of these funds on hand and loan out the rest. This is an example of
A) the Federal Reserve System. B) a sweep account. C) fractional reserve banking. D) excess reserves.
Refer to the given table. Suppose the columns in this table reflect demand and supply. At a price of $30:Price Per UnitColumn A Units Per YearColumn B Units Per Year$2010040$309550$408060$506570$605080
A. the market will be in equilibrium. B. there will be an excess demand of 95 units. C. there will be an excess demand of 45 units. D. there will be an excess supply of 45 units.
A reduction in corporate income and payroll taxes acts as an automatic stabilizer during a recession by ______.
a. reducing the tax burden on companies b. increasing the tax burden on companies c. maintaining the tax burden on companies d. eliminating the tax burden on companies