The study of economics is best described as a study of
coping with scarcity, and choices made as a result of
scarcity in a society.
Which of the following BEST describes macroeconomics?
it analyzes the aggregate effects on the national economy
of the choices made by individuals, firms, and
governments.
,Self interest
eflects choices that are best for the individual who makes
them.
To economists, scarcity means that
unlimited wants cannot be satisfied by the limited
resources.
,When a landscaping company decides to use drafting
software and computers instead of hiring designers to
draw design plans by hand, it is answering the ________
question.
how
What is NOT true about rational choice?
It is the same for all individuals.
, In economics, cost is measured as ________, and benefit is
measured as ________.
what you must give up to get something; what you are
willing to give up to get it
If Jessie studies economics for two hours instead of going
to the movies with her friends, then
the opportunity cost of studying is the missed movie.
coping with scarcity, and choices made as a result of
scarcity in a society.
Which of the following BEST describes macroeconomics?
it analyzes the aggregate effects on the national economy
of the choices made by individuals, firms, and
governments.
,Self interest
eflects choices that are best for the individual who makes
them.
To economists, scarcity means that
unlimited wants cannot be satisfied by the limited
resources.
,When a landscaping company decides to use drafting
software and computers instead of hiring designers to
draw design plans by hand, it is answering the ________
question.
how
What is NOT true about rational choice?
It is the same for all individuals.
, In economics, cost is measured as ________, and benefit is
measured as ________.
what you must give up to get something; what you are
willing to give up to get it
If Jessie studies economics for two hours instead of going
to the movies with her friends, then
the opportunity cost of studying is the missed movie.
