Which of the following is the best definition of economics?
A) the study of how consumers spend their income
B) the study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices
C) the study of how a provincial government allocates tax dollars
D) the study of how producers decide what inputs to hire and what outputs to produce
E) the study of how consumers and producers meet each other in the market
Correct Answer:
Verified
Q1: The determination of prices in individual markets
Q2: Complete the following sentence.Microeconomics is
A)not concerned with
Q3: An incentive
A)could be either a reward or
Q4: Scarcity confronts
A)only families with incomes less than
Q5: In a world characterized by scarcity
A)individuals need
Q7: The branch of economics that studies the
Q8: The problem of scarcity applies
A)only in countries
Q9: Complete the following sentence.Macroeconomics
A)deals mainly with the
Q10: The fact that human wants cannot be
Q11: The inescapable economic fact is that
A)capitalists are
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