Which of the following is the best definition of economics?
a. Economics is the study of how society chooses to allocate its scarce resources.
b. Economics is the study of how to manage city and county government to generate the greatest good to its citizens.
c. Economics is the study of how to manage corporations to generate the greatest return on shareholder investment.
d. Economics is the study of how to track revenues and costs within a business.
a
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The cross elasticity of demand measures the responsiveness of the quantity demanded of a particular good to changes in the prices of
A) its substitutes and its complements. B) its substitutes but not its complements. C) its complements but not its substitutes. D) neither its substitutes nor its complements.
Define the concept used in economics known as Ockham's Razor
What will be an ideal response?
Wages are sticky when:
What will be an ideal response?
With an upward-sloping supply curve, which of the following istrue?
A. An increase in price results in a decrease in quantity supplied. B. An increase in price results in an increase in supply. C. A decrease in price results in a decrease in quantity supplied. D. A decrease in price results in an increase in supply.