Economics is the study of how:
a. humans make decisions in the face of scarcity.
b. resources are used to meet human needs.
c. humans make decisions when there is an abundance of goods.
d. human needs translate to business transactions.
a. humans make decisions in the face of scarcity.
Economics is the study of how humans make decisions in the face of scarcity.
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Adjustable rate mortgages
A) reduce the interest-rate risk for financial institutions. B) benefit homeowners when interest rates rise. C) generally have higher initial interest rates than conventional fixed-rate mortgages. D) allow borrowers to avoid paying interest on portions of their mortgage loans.
In a floating exchange rate system, an appreciation of the exchange rate could be caused by
a. a cut in taxes. b. a decrease in government spending. c. an increase in the domestic money supply. d. a decrease in the foreign demand for U.S. goods.
A price ceiling set below the equilibrium price will
A) clear the market for the good. B) result in a shortage of the good. C) result in a surplus of the good. D) induce new firms to enter the industry.
It is not true of economic profits that they
A. are a reward for bearing risks. B. are generally greater than accounting profits. C. are zero in a competitive market. D. are difficult to measure.