« previous next »

Author Question: Which of the following defines economics? Economics is the social science that studies ___________. ... (Read 230 times)

Metfan725

  • Hero Member
  • *****
  • Posts: 552
on: Jun 29, 2018
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
Reply #1 on: Jun 29, 2018
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
« previous next »
 

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

Essential fatty acids have been shown to be effective against ulcers, asthma, dental cavities, and skin disorders such as acne.

Vienna: Social Structure and Social Interaction Vienna: Social Structure and Social Interaction
The social movement that centers on the environment has become global. In all nations, people are ... The social movement that centers on the environment has become global. In all nations, people are ...
buffers commonly employed for biochemical studies buffers commonly employed for biochemical studies
Science Background Science Background
Conceptual Physical Science Conceptual Physical Science
Economics question Economics question
Video: Decubitus Ulcer

For a complete list of videos, visit our video library