The primary concern of economics is the study of:
A. Why human wants exist and what motivates them.
B. How to distribute goods and services according to human needs.
C. How best to allocate scarce resources among competing uses.
D. Who holds the most political power in a particular country.
Answer: C. How best to allocate scarce resources among competing uses.
You might also like to view...
For price-taking producers, isoprofit curves are always parallel to one another.
Answer the following statement true (T) or false (F)
Studies and experience suggest that labor and capital are highly complementary inputs to the production of pipe organs
Indicate whether the statement is true or false
New Keynesian inflation dynamics can account for sluggish responses of
A) real GDP to variations in aggregate supply. B) real GDP to variations in aggregate demand. C) inflation to variations in aggregate supply. D) inflation to variations in aggregate demand.
The statement "The unemployment rate in the U.S. was 5 percent last month" is
a. a value judgment b. an economic opinion c. a normative statement d. a positive statement e. totally beyond anything that should be permitted by modern society