Author Question: Which of the following is the best definition of economics? a. Economics is the study of how to ... (Read 153 times)

joesmith1212 · **on:** Jun 30, 2018

Which of the following is the best definition of economics?
a. Economics is the study of how to manage corporations to generate the greatest return on shareholder investment.
b. Economics is the study of how to manage city and country government to generate the greatest good to its citizens.
c. Economics is the study of how society chooses to allocate its scarce resources.
d. Economics is the study of how to track revenues and costs within a business.

Question 2

Labor resources:
a. include only physical activities.
b. are only counted as a resource if used in the production of other resources.
c. include only skilled labor.
d. include both physical and mental activities.
e. include human effort involved in the production of goods, but not services.