Economics is concerned with:
a. the choices people must make because resources are scarce
b. human decision makers and the factors that influence their choices.
c. the allocation of limited resources to satisfy unlimited wants.
d. all of the above.
d
Economics
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Billy is a plumber. He earns $15 per hour. One morning, just before he was leaving for work, he found a pipe in his kitchen leaking. He spent two hours repairing the pipe
i) How will this affect the calculation of GDP? ii) If Billy had spent two hours working for one of his clients, what would have been the effect of his activity on the calculation of GDP?
Economics
Refer to Table 7-6. Which country has an absolute advantage in producing swords?
A) Estonia B) Morocco C) both countries D) neither country
Economics