Which of the following defines economics? Economics is the social science that studies ___________
A. the best way of eliminating scarcity
B. the choices made to cope with scarcity, how incentives influence those choices, and how the choices are coordinated
C. how money is created and used
D. the inevitable conflict between self-interest and the social interest
B Answer B uses the definition of economics on page 2.
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A "vertically integrated firm" is a firm that
a. combines firms which formerly competed. b. manages all stages of production, from the production of raw materials to the marketing of the final product, within the firm. c. earns zero economic profits due to the highly competitive market within which it operates. d. has representatives on its board of directors from many of the companies that it buys from and sells to.
According to Milton Friedman, a person's MPC will change as their actual income changes
Indicate whether the statement is true or false