Which of the following best defines economics?
A) Economics teaches how to limit our wants.
B) Economics studies how to choose the best alternative when coping with scarcity.
C) Economics helps you earn as much money as possible.
D) Economics analyzes all aspects of human behavior in general.
E) Economics is concerned with prices and quantities of goods and services, both at the individual level and at the industry level.
B
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Depreciation of the Japanese yen would lead to
A. outward shift in the aggregate supply curve for Japan. B. upward shift in the aggregate demand curve for Japan. C. downward shift in the aggregate supply curve for Japan. D. inward shift in the aggregate demand curve for Japan.
Firms should lower the prices on their goods
a. If the demand for the product is elastic b. If it acquires a firm selling a complement good c. If it acquires a firm selling a substitute good d. Both a and b
Which of the following countries has medium to high levels of trade by world standards, but in 2008 had a moderate trade surplus?
a. Germany b. Japan c. the United Kingdom d. Sweden
In economics, "Public Saving" is defined as
a. Saving that is made public by disclosure to the IRS. b. Tax revenue minus government spending. c. National Income minus consumption. d. Deposits made at banks and other lending institutions. e. Investment in a publicly held company.