Which of the following is a characteristic of economics?
A) allocation of limited resources in an effort to satisfy potentially unlimited wants
B) the focus on how people behave not in their own self-interest
C) the way society deals with people's needs
D) all of the above
Answer: A
Economics
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The relationship between households' planned consumption expenditures and households' level of disposable real income is called
A) the consumption function. B) the savings function. C) the investment function. D) the household aggregate demand function.
Economics
When a firm is earning zero economic profits
A. P = ATC. B. total revenue is greater than total cost. C. P is greater than ATC. D. accounting profit is zero.
Economics