Economics is:
a. concerned with the problem of scarce resources combined with unlimited wants.
b. the study of how to make money in the stock market.
c. highly theoretical and has little practical application.
d. primarily concerned with day-to-day business decision making.
e. a decision making process involving individuals and firms rather than governments.
a
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The classical theory was developed in the late 18th and early 19th centuries
A) and cannot be explained using the modern tool of the productivity function. B) and therefore is not accepted today. C) and still applies to the most developed nations today, though not to the less developed nations. D) and has proponents today who fear population growth and overpopulation. E) during a time of population decline.
Which of the following statements is true?
A) Employers are willing to forego profits when engaging in special interest group discrimination. B) Employers are willing to forego profits when engaging in cultural discrimination. C) Employers are willing to forego profits when engaging in statistical discrimination. D) Employers are willing to forego profits when engaging in taste-based discrimination.