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Question: Economics is  a. The study of how choices are made because of scarcity  b. The study of how the v...

Show transcribed image text Economics is a. The study of how choices are made because of scarcity b. The study of how the values and preferences of human decision makers are formed c. interesting but not applicable to the real world d. The study of how to make money in business The economizing problem is essentially one of deciding how to make the best use of a. limited resources to satisfy limited wants b. Unlimited resources to satisfy limited wants c. Limited resources to satisfy virtually unlimited wants d. Virtually unlimited resources to satisfy virtually unlimited wants The opportunity cost of choosing an alternative is a. The cost of the lowest valued alternative not chosen b. The amount of time spent on whatever is chosen c. The highest valued alternative foregone as the result of the choice d. The money cost of the option Decision making at the margin means a. Focusing only upon how to spend money b. Considering the choice between a little more of this and a little less of that

Economics is a. The study of how choices are made because of scarcity b. The study of how the values and preferences of human decision makers are formed c. interesting but not applicable to the real world d. The study of how to make money in business The economizing problem is essentially one of deciding how to make the best use of a. limited resources to satisfy limited wants b. Unlimited resources to satisfy limited wants c. Limited resources to satisfy virtually unlimited wants d. Virtually unlimited resources to satisfy virtually unlimited wants The opportunity cost of choosing an alternative is a. The cost of the lowest valued alternative not chosen b. The amount of time spent on whatever is chosen c. The highest valued alternative foregone as the result of the choice d. The money cost of the option Decision making at the margin means a. Focusing only upon how to spend money b. Considering the choice between a little more of this and a little less of that