Economics Is Best Defined as the Study of How

question 72

Multiple Choice

Economics is best defined as the study of how

• A)individuals decide to use scarce resources in an attempt to satisfy their unlimited wants
• B)to make money
• C)the government should deal with unemployment and inflation
• D)to eliminate the problem of scarce resources
• E)to run a business

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Definitions:

GDP PPP

Gross Domestic Product at Purchasing Power Parity, a metric that compares countries' economic productivity and standards of living accounting for differences in price levels.

Infant Mortality

The amount of infant deaths before reaching one year of age for every 1,000 live births within a specific year.

Demographic Data

Information collected about the characteristics of populations, such as age, sex, income level, and education, used for statistical analysis.

Old People

Individuals in the later stage of life, often considered to be of retirement age, who have accumulated a wealth of knowledge and experience.