Economics is best defined as the study of
A. how consumers make purchasing decisions.
B. inflation, unemployment, and economic growth.
C. financial decision making.
D. choices made by people faced with scarcity.
Answer: D
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Refer to Table 2.4. Increasing the tanks of fertilizer from 3 to 4 will increase the truckloads of potatoes by
A) 152. B) 35. C) 17. D) 11.
Explain the concept of causation with the help of a simple real-life example
What will be an ideal response?
Which of the following is an example of cyclical unemployment?
a. A recent college graduate still looking for her first job b. A car salesman who loses his job because of a recession c. A ski instructor who is out of work during the summer d. An economics journalist who just quit her writing job in order to begin a new career as a college professor next month e. A worker displaced from his factory job because of greater mechanization in the workplace
Real GDP is a better gauge of economic well-being than is nominal GDP
a. True b. False Indicate whether the statement is true or false