Multiple Choice
Economics is the study of
A) how to limit human wants so that scarce resources are sufficient.
B) the allocation of scarce resources among alternative uses.
C) how to plan an economy.
D) how to distribute income as equally as possible.
E) why resources are scarce.
Correct Answer:
Verified
Correct Answer:
Verified
Q4: Economists usually assume that households and firms,
Q5: Suppose drought destroys many millions of acres
Q6: During the nineteenth and early twentieth centuries,
Q7: Consider a production possibilities boundary showing the
Q8: A modern economy like Canada's is largely
Q10: An economic system that relies primarily upon
Q11: On a diagram of a production possibilities
Q12: A basic underlying point in economics is
Q13: On a diagram of a production possibilities
Q14: The key decision makers in a market