Economics is best defined as the study of:
A. supply and demand.
B. how people make choices in the face of scarcity and the implications of those choices for society as a whole.
C. the financial concerns of businesses and individuals.
D. inflation, interest rates and the stock market.
Answer: B
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If net exports is a negative number, the government sector must ________ if the private sector is in a ________
A) run a surplus; surplus B) equal zero; deficit C) run a deficit; surplus D) The statement errs because the accounts are not related.
How is economic research similar to the research in other branches of science?
The supply curve for land is perfectly elastic
a. True b. False Indicate whether the statement is true or false
Suppose the domestic supply (QSU.S.) and demand (QDU.S) for bicycles in the United States is represented by the following set of equations:QSU.S. = 2PQDU.S. = 200 - 2P.Demand (QD) and supply (QS) in the rest of the world is represented by the equations:QS = PQD =160 - P.Quantities are measured in thousands and price, in U.S. dollars.In the absence of international trade, ________ thousand bicycles will be sold in the United States at a per unit price of
A. 50; $50. B. 100; $100. C. 100; $50. D. 150; $50.