21) The basic economic problem a situation of
A) limited resources : 1912916
21) The basic economic problem is a situation of
A) limited resources and unlimited wants.
B) both limited resources and limited wants.
C) limited incomes and unlimited choices.
D) unlimited incomes and limited choices.
22) Economics is the study of how people make
23) Economics is a
A) hard science.
B) physical science.
C) natural science.
D) social science.
24) Economics is a study of
A) how to make money in the stock market.
B) how to run a business successfully.
C) the allocation of scarce resources.
D) personal finance.
25) Economics is the study of
A) the allocation of scarce resources to satisfy unlimited wants.
B) inflation and unemployment in society.
C) making money.
D) maximization of profits for a firm.
26) Resources are
B) able to be replicated in large quantities.
C) what people would buy if their income was unlimited.
D) used to produce goods and services to satisfy people's wants.
27) ________ are the things that are used to produce items that satisfy people's wants.
B) Production possibilities curves
28) Economics is most precisely defined as
A) a study of the mechanics of buying and selling on the stock exchange.
B) a study of how culture evolves in different geographic areas.
C) the same as the study of finance and management.
D) the study of how people make choices.
A) is a social science.
B) is concerned with limited resources.
C) is concerned with unlimited wants.
D) All of the above are correct.
30) Which of the following is NOT a focus of the study of economics?
A) how individual preferences are formed
D) prices in particular markets