Author Question: Which of the following defines economics? Economics is the social science that studies ___________. ... (Read 229 times)

Metfan725

  • Hero Member
  • *****
  • Posts: 552
Which of the following defines economics? Economics is the social science that studies ___________.
 
  A. the best way of eliminating scarcity
  B. the choices made to cope with scarcity, how incentives influence those choices, and how the choices are coordinated
  C. how money is created and used
  D. the inevitable conflict between self-interest and the social interest

Question 2

Refer to Figure 4-3. What area represents the deadweight loss at the equilibrium price of P1?
 
  A) C + E B) C + E + H
  C) G + H D) There is no deadweight loss at the price of P1.



reversalruiz

  • Sr. Member
  • ****
  • Posts: 327
Answer to Question 1

B Answer B uses the definition of economics on page 2.

Answer to Question 2

D



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

Sildenafil (Viagra®) has two actions that may be of consequence in patients with heart disease. It can lower the blood pressure, and it can interact with nitrates. It should never be used in patients who are taking nitrates.

Did you know?

The B-complex vitamins and vitamin C are not stored in the body and must be replaced each day.

For a complete list of videos, visit our video library