Economics is best defined as the study of
A) financial decision-making.
B) inflation, unemployment, and economic growth.
C) the choices made by people faced with scarcity.
D) how consumers make purchasing decisions.
C
Economics
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A tax on a good that is imposed by the importing country is called a
A) tariff. B) nontariff barrier. C) quantitative restriction. D) licensing regulation. E) trade constraint.
Economics
If, for a given disposable income level, the disposable income line lies above the consumption curve, saving:
a. equals consumption. b. equals disposable income. c. is less than zero. d. is equal to zero. e. is greater than zero.
Economics