Multiple Choice
Economics can best be described as
A) the application of sophisticated mathematical models to address social problems.
B) the study of how to reduce inflation and unemployment.
C) the study of the use of scarce resources to satisfy unlimited human wants.
D) the study of how a society ought to allocate its resources.
E) a normative science.
Correct Answer:
Verified
Correct Answer:
Verified
Q42: The circular flow of income illustrates<br>A)the flows
Q43: Specialization of labour means that<br>A)job security is
Q44: With regard to various economic systems, most
Q45: Specialization and trade<br>A)developed only where government and
Q46: In traditional economies, economic behaviour is<br>A)based primarily
Q48: In the circular flow of income, the
Q49: Scarcity is likely to be<br>A)a problem that
Q50: It has been observed that university enrollment
Q51: In practice, the term "centrally planned economy"
Q52: The concept of scarcity in economics usually