Economics is:

a. concerned with the problem of scarce resources combined with unlimited wants.
b. the study of how to make money in the stock market.
c. highly theoretical and has little practical application.
d. primarily concerned with day-to-day business decision making.
e. a decision making process involving individuals and firms rather than governments.


a

Economics

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A Japanese television sells for ¥100,000 and a dollar is equal to ¥100. What is the dollar price of the television?

A) $1000 B) $99,900 C) $10,000,000 D) $100,100

Economics

In the short run, if a firm operates, it earns a profit of $500. The fixed costs of the firm are $100. This firm has a producer surplus of

A) $500. B) $100. C) $400. D) $600.

Economics

Comparative advantage is related most closely to which of the following?

a. output per hour b. opportunity cost c. efficiency d. bargaining strength in international trade

Economics

Describe at least three of the key concepts in economics introduced in Chapter 1 of the textbook that define how an economist views the world

Economics