In the broadest sense, economics is the study of
a. production methods.
b. how society manages its scarce resources.
c. how households decide who performs which tasks.
d. the interaction of business and government.
b
Economics
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Leisure time
A) is less valuable to us than the wage we earn for working. B) has steadily decreased over the years. C) is not valued as part of GDP. D) is not an economic good. E) is included in GDP and has become an increasingly large part of GDP.
Economics
In a flexible exchange-rate system, the value of a currency is determined by
A) the government. B) the intersection of the IS and LM curves. C) the demand and supply for the currency in the foreign exchange market. D) Swiss gnomes.
Economics