Economics is best defined as the study of:
A. supply and demand.
B. how people make choices in the face of scarcity and the implications of those choices for society as a whole.
C. the financial concerns of businesses and individuals.
D. inflation, interest rates and the stock market.
Answer: B
You might also like to view...
According to the Rybczynski theorem, if a country increases its endowment of capital and prices remain constant, then its output of both the capital and labor intensive goods will rise
Indicate whether the statement is true or false
Intertemporal trade is
A) the exchange of goods but not services for claims to future goods. B) the exchange of services but not goods for claims to future services. C) the exchange of good and services for claims to future goods and services. D) the exchange of domestic goods and services for foreign goods and services. E) the type of trade that the U.S. government focuses most upon.