Chapter 1—What Economics Is About

MULTIPLE CHOICE. 1. The author of the text defines economics as the. a. science of efficiency. b. science of scarcity. c. study of markets. d. study of human activity. ANS: B PTS: 1 DIF: Easy NAT: Analytic. LOC: The study of economics and definitions of economics. 2. When economists speak of scarcity, they are referring to the ................
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