Explain the study of economics
What will be an ideal response?
Economics is the study of how people allocate their limited resources in an attempt to satisfy their unlimited wants. Because of this contrast between limited resources and unlimited wants, economics is the study of how people make choices.
Economics
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Refer to the figure above. What is the initial equilibrium price of the good?
A) $20 B) $40 C) $60 D) $80
Economics
Which of the following is a main factor that explains the differences in the incomes of U.S. households?
A. inheritances B. luck and misfortune C. discrimination D. All of these
Economics