Which of the following is the best definition of economics? Select one: O a. The study of how consumers spend their income. O b. The study of how individuals and societies choose to use the resources that nature and previous generations have provided. O c. The study of how business firms decide what inputs to hire and what outputs to produce. O d. The study of how the Jamaican government allocates tax dollars.
Which of the following is the best definition of economics? Select one: O a. The study of how consumers spend their income. O b. The study of how individuals and societies choose to use the resources that nature and previous generations have provided. O c. The study of how business firms decide what inputs to hire and what outputs to produce. O d. The study of how the Jamaican government allocates tax dollars.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter1: The Economic Approach
Section: Chapter Questions
Problem 3CQ
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