Economics is BEST defined as
A) making choices from an unlimited supply of goods and services.
B) controlling a budget for a household with a given income.
C) making choices with unlimited wants while facing a scarcity of resources.
D) how people make money and profits in the stock market.
Correct Answer:
Verified
Q42: An economic model includes
A)only normative statements.
B)only details
Q43: The study of economics
A)recognises that scarcity does
Q44: One economist says that raising taxes on
Q45: The largest part of what Australia produces
Q46: You notice that when interest rates increase,
Q48: Human resources that perform the functions of
Q49: A student athlete is deciding whether to
Q50: An incentive
A)is neither a reward nor a
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