Economics is different from other social sciences because it gives special emphasis to the study of ______; it is similar to other social sciences because they are all concerned with the study of _______.
A) unlimited resources; economic systems
B) human interactions; limited resources
C) opportunity costs; choices
D) social behavior; scarcity
Ans: C) opportunity costs; choices
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input. InputTotal Product0015220332442550655758858956 Diminishing marginal returns set in with the addition of the
A. fourth unit of input. B. first unit of input. C. second unit of input. D. third unit of input.
One way to characterize technological change is "creative destruction," which basically means that today's innovation will productively destroy yesterday's capital investment
This destruction creates new job opportunities, boosts production and offers a greater variety or more goods and services than in the past. Indicate whether the statement is true or false
The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.Number of EmployeesTotal DonationsAverage DonationsTotal Labor CostsAverage Labor Costs1$30,000 $8,0002$42,426 $17,000 3 $17,321$27,000 4$60,000 $9,5005 $13,416$50,000 The total value of donations raised by three employees is:
A. $51,963. B. $45,000. C. $43,899. D. $48,911.
Negative relationships are also referred to as inverse relationships.
Answer the following statement true (T) or false (F)