Economics can be defined as the study of
A) For whom resources are allocated to increase efficiency.
B) How society spends the income of individuals.
C) How scarce resources are allocated on a macro level to best meet society's goals or on a micro level to best meet an individual's or firm's goals.
D) None of the choices are correct.
Correct Answer:
Verified
Q4: Factors of production are
A)Scarce in every society.
B)Scarce
Q6: Given that resources are scarce,
A)A "free lunch"
Q6: Which economist argued that free markets unleashed
Q7: The role of the entrepreneur in an
Q8: The "guns versus butter" dilemma that all
Q9: The basic factors of production include
A)Land,labor,money,and capital.
B)Land,labor,money,and
Q11: A consequence of the economic problem of
Q12: Which of the following is not one
Q14: Opportunity cost may be defined as the
A)Goods
Q20: Opportunity cost is
A)Measured only in dollars and
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