( ) A because they are in finite supply. B because they are in finite demand. C only if the resources are nonrenewable. D because they are in infinite supply. 第3题 Economics is best defined as the study of ( ) A how society manages its scarce resources. B how to run a business ...
The meaning of MICROECONOMICS is a study of economics in terms of individual areas of activity (such as a firm).
Labor: Human capital(labor with training & skills). NOT:Money is NOT a factor of production. Scarcity Scarcity:unlimitedwants and needs in a world oflimitedresources. 练习题:Scarcity is best defined as: the idea that a society's wants and needs are unlimited, and material resoursces are lim...
Scarcity is best defined as Insufficient resources to satisfy unlimited wants Normative statement "There should be less discrimination against the elderly" This is an example of a False Sara is considering the purchase of a new car. Rational self-interest demands that she do an exhaustive research...
how does price elasticity of demand change as price falls? price elasticity goes from elastic to unit elastic to inelastic as the price falls -price elasticity of demand decreases as we move down a linear demand curve Economics is best defined as the study ofa. how society manages its scarce...
Opportunity Cost:The concept of opportunity cost refers to the value of the next best alternative forgone when a choice is made. Due to scarcity, individuals and businesses must make trade-offs between different options. Understanding opportunity cost enables decision-makers to assess the true cost ...
7.The most accurate description of nominal GDP is: A.a measure of total expenditures at current prices. B.the value of goods and services at constant prices. C.a measure to compare one nation's economy to another. SOLUTIONS: A is correct. Nominal GDP is defined as the value of goods ...
12.The discouraged worker category is defined to include people who: A.are overqualified for their job. B.could look for a job but choose not to. C.currently look for work without finding it. SOLUTIONS: B is correct. Discouraged workers are defined as persons who have stopped looking for...
Then the demand for oil is said to be a.elastic.b.inelastic.c.unit elastic.d.perfectly elastic. 15.Consumer surplus atany pointalong the demand curve may best be defined as a.the height of the demand curve plus the price of the good. b.the height of the demand curve minus the ...
inputs C) all levels of output that can be generated from given levels of inputs D) all levels of inputs that could produce a given level of output Answer: B Topic: Production 2) With respect to production, the short run is best defined as a time period A) lasting about six months...