Which statement most accurately defines economics?
A) Economics is the study of how people make money.
B) Economics is the study of how people make choices to satisfy their wants.
C) Economics is the study of values a society should choose.
D) Economics is the study of how to eliminate scarcity.
B
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In the short run, when the Fed increases the federal funds rate,
A) the real interest rate rises and investment does not change. B) the real interest rate is unaffected but investment still decreases. C) the real interest rate rises and investment decreases. D) there is no effect on investment because investment depends on the real interest rate. E) the real interest rate falls and investment increases.
According to chapter 1 in your textbook, while economic theory offers a biased perspective on social phenomena,
A) it deserves our confidence, but only when it is confined to the monetary or financial sector of society. B) it is useless to anyone who rejects the free market system. C) it is nonetheless worth learning. D) it is superior to all the other social sciences.