With of the following is a subject that economists study?
answer
a. a growth in average income
b. the fraction of the population that cannot find work
c. the rate at which prices are rising
d. all of the above are correct
question
A society allocates its scarce resources to various jobs. These scarce resources include
answer
a. land
b. people
c. machines
d. All of the above are correct
question
Economics deals primarily with the concept of
answer
scarcity
question
Economics is the study of how society manages its
answer
unlimited wants and limited resources.
question
Which of the following is correct?
answer
Economists study the management of scarce resources.
question
What term refers to the property that society has limited resources and therefore cannot produce all the goods and services people wish to have?
answer
scarcity
question
Approximately what percentage of the world's economies experience scarcity?
answer
100%
question
Economics is the study of
answer
how society manages its scarce resources.
question
In considering how to allocate its scarce resources among its various members, a household considers
answer
a. each member's abilities.
b. each member's efforts.
c. each member's desires.
d. All of the above are correct
question
Which of the following is not an example of scarcity?
answer
Miranda has an unlimited supply of oranges in her orchard.
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