Which one of the following is the most accurate definition of economics?
a. Economics is the study of stocks and bonds.
b. Economics is the study of how people allocate unlimited resources.
c. Economics is the study of how consumers choose to spend their income.
d. Economics is the study of how society chooses to allocate scarce resources.
Question 2
Economics is the study of how people:
a. vote for political leaders who decide what is to be produced.
b. make choices to produce and consume goods and services.
c. establish social institutions that maximize well-being.
d. develop value systems that affect their consumption choices.
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