Author Question: Which of the following defines economics? Economics is the social science that studies ___________. ... (Read 160 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?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

For a complete list of videos, visit our video library