Among competing issues, the most important concern of economics is with the:
A. efficient use of limited productive resources to satisfy economic wants.
B. degree of competition in stock and bond markets in the economy.
C. issue of equality in the distribution of income and wealth among households.
D. budget deficits in the domestic economy and trade deficits in the international economy.
Answer: A
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Refer to Figure 7.1. If Angus chooses to earn the most money, he will receive a daily payoff of
A) $100. B) $350. C) $550. D) $700.
During a recession, the percentage workers who are part time for economic reasons
A) increases more rapidly than the percentage of part-time workers. B) decreases more rapidly than the percentage of part-time workers. C) increases proportionately with the percentage of part-time workers. D) decreases proportionately to the percentage of part-time workers. E) does not change even though the percentage of part-time workers increases.