Economics, according to its definition, studies how people:
a. earn and spend money. b. invest in the stock and bond markets.
c. make choices in the face of scarcity. d. supply goods in response to demand.
c
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By drawing a demand curve with ________ on the vertical axis and ________ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ________ of the good
A) quantity; price; quantity B) quantity; price; price C) price; quantity; price D) price; quantity; quantity
Checks and currency function similarly, however:
A. currency is a more effective means of payment. B. checks are not included in measures of money, whereas currency is. C. currency is a better store of value than checking deposits. D. carrying currency entails greater risk, because it cannot be replaced if lost or stolen.