The study of how people choose among the alternatives available to them is the:
A) definition of economics.
B) model of demand.
C) theory of opportunity costs.
D) method of distinguishing between microeconomics and macroeconomics.
Ans: A) definition of economics.
Economics
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At an exchange rate of $1 = €1 in Figure 36.1, there is
A. Equilibrium in the foreign exchange market. B. A shortage of euros. C. a shortage of dollars. D. A surplus of dollars.
Economics
The natural rate of unemployment:
A. is constant over time. B. is typically zero. C. is the normal level of unemployment in an economy in the long run. D. None of these is true.
Economics