Question 1
Which of the following is the best definition of economics?
◦ the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided
◦ the study of how consumers spend their income
◦ the study of how business firms decide what inputs to hire and what outputs to produce
◦ the study of how the federal government allocates tax dollars
Question 2
The rise of the modern factory system in England during the late eighteenth and early nineteenth centuries is known as the
◦ Great Migration.
◦ Industrial Revolution.
◦ Wealth of Nations.
◦ Dark Ages.