What is a brief definition of economics? What are the conditions that give rise to this definition?
Please provide the best answer for the statement.
It is the social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants. Economic wants are many and diverse. People seek many goods and services to satisfy their wants. Society uses productive resources to produce goods and services that meet these wants. Unfortunately, the economic wants of society exceeds the productive capacity of the economy to produce the goods and services to satisfy those wants.
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The Saturn Corporation (once a division of GM) was permanently closed in 2009 . What went wrong with Saturn?
a. Saturn's cars sold at prices higher than rivals Honda or Toyota, so they could not sell many cars. b. Saturn sold cars below the prices of Honda or Toyota, earning a low 3% rate of return. c. Saturn found that young buyers of Saturn automobiles were very loyal to Saturn and GM. d. Saturn implemented a change management view that helped make first time Saturn purchasers trade up to Buick or Cadillac. e. all of the above
Which of the following statements is consistent with the law of supply?
a. An increase in the quantity supplied of buns will result in a decrease in the price of buns. b. An increase in the quantity supplied of buns will result in an increase in the price of buns. c. An increase in the price of buns will result in a decrease in the quantity supplied of buns. d. An increase in the price of buns will result in an increase in the quantity supplied of buns.
Suppose the dollar rises from 100 to 125 yen. As a result,
a. imports from Japan will likely increase. b. exports to Japan will likely increase. c. Japanese tourists will be more likely to visit the United States. d. U.S. businesses will less likely use Japanese shipping lines to transport their products.
A crowded beach without an entrance fee is a ________ good.
A. private B. public C. commons D. pure public