Which of the following is the best definition of economics? Select one: O a. The study of how individuals and societies choose to use the resources that nature and previous generations have provided. O b. The study of how the Jamaican government allocates tax dollars. Oc. The study of how business firms decide what inputs to hire and what outputs to produce. O d. The study of how consumers spend their income.
Which of the following is the best definition of economics? Select one: O a. The study of how individuals and societies choose to use the resources that nature and previous generations have provided. O b. The study of how the Jamaican government allocates tax dollars. Oc. The study of how business firms decide what inputs to hire and what outputs to produce. O d. The study of how consumers spend their income.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Which of the following is the best definition of economics?
Select one:
O a. The study of how individuals and societies choose to use the resources that nature and previous
generations have provided.
O b. The study of how the Jamaican government allocates tax dollars.
The study of how business firms decide what inputs to hire and what outputs to produce.
O d. The study of how consumers spend their income.
Transcribed Image Text:The table below represents the combinations of beef and corn produced on a tract of land of a given size
and fertility
Corn (bushels) Beef (kg)
10000
8000
900
6000
1200
4000
1400
2000
1475
1500
Which of the following combination represents unattainable production levels with the current tract of land?
Select one:
O a. 6000 bushels of corn and 1300 kg of beef
O b. Both 8000 bushels of corn and 1200 kg of beef and 6000 bushels of corn and 1300 kg of beef
O c. 8000 bushels of corn and 500 kg of beef
O d. 200 bushels of corn and 1475 kg of beef
O e.
8000 bushels of corn and 1200 kg of beef
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