Economics is best defined as the study of:
A. supply and demand.
B. inflation, interest rates and the stock market.
C. the financial concerns of businesses and individuals.
D. how people make choices in the face of scarcity and the implications of those choices for society as a whole.
Answer: D
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Refer to Table 2-1. Assume Dina's Diner only produces sliders and hot wings. A combination of 20 sliders and 60 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
If the economy is experiencing high rates of inflation due to a new housing bubble, what effects would expansionary monetary policy have on the economy?
A) It would reduce inflation as well as unemployment. B) It would raise inflation as well as unemployment. C) It would reduce inflation but cause unemployment to rise. D) It would raise inflation but would cause unemployment to fall.