Which of the following statements best describes the study of economics? Economics studies how
A) we make choices in the face of scarcity.
B) to organise production so that scarcity does not occur.
C) firms make profits.
D) businesses reach decisions.
E) to create incentives so that scarcity does not exist.
Correct Answer:
Verified
Q9: Scarcity
A)leads to higher prices.
B)used to exist everywhere
Q10: Which of the following is a microeconomic
Q11: Which of the following is a microeconomic
Q12: Microeconomics includes the study of the
A)choices made
Q13: Which of the following best defines economics?
A)Economics
Q15: Scarcity exists because
A)some individuals have low incomes.
B)people
Q16: Scarcity means we must
A)work more.
B)make choices.
C)earn more.
D)consume
Q17: Because human wants are insatiable and unlimited
Q18: The study of economics is best described
Q19: Which of the following is a microeconomic
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