The study of economics is carried out because:
A) government interferes with the efficient distribution of scarce resources
B) resources are scarce in relation to consumer wants
C) the market system is an obstacle to the efficient use of plentiful resources to satisfy limited wants
D) resources are overly abundant as compared with wants and, therefore, a distribution problem exists
E) government aids in the efficient distribution of scarce resources
Correct Answer:
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Q11: Economics can best be described as the
Q12: Because of scarcity,the efficient use of resources
Q13: Macroeconomics approaches the study of economics from
Q14: The scarcity problem:
A)persists only because countries have
Q15: Stocks and bonds are not considered to
Q17: The economic problem stems from the fact
Q18: An economist who says that consumer wants
Q19: The role of the entrepreneur involves:
A)waiting for
Q20: The money payments made to owners of
Q21: Utility refers to the:
A)extent to which a
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