Which of the following is the best definition of economics?

Which of the following is the best definition of economics?
 a. An investigation of the quantities and prices of the various goods produced by the nations of the world.
  b. A study of why inflation and unemployment periodically plague the U.S. economy.
  c. An analysis of how individuals and societies deal with the problem of scarcity.
  d. An examination of the role that money plays in the economy.
  e. A study of how goods and services are distributed throughout the world.

QUESTION 2

Economics is the study of
 a. how to get rich by playing the stock market
  b. the best ways to reduce people's wants, given the scarcity of resources
  c. how rational government officials determine what goods should be produced
  d. money and why it is good
  e. how people use limited resources to try to satisfy unlimited wants

QUESTION 3

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

QUESTION 4

Some individuals or families can become completely saturated with a service such as television. This suggests that
 a. wants are limited
  b. desires for a single commodity can be satisfied but then the focus will switch to other goods and services
  c. a highly productive economy may someday be able to satisfy all human desires
  d. resources are not truly fixed in supply as we generally assume
  e. scarcity does not exist

QUESTION 5

Which of the following statements regarding the basic economic problem of scarcity is correct?
 a. The problem only exists in countries that are not highly industrialized.
  b. The problem is likely to disappear as production increases.
  c. The problem is sure to disappear as technology improves.
  d. The problem will exist as long as resources are available in limited amounts.
  e. The problem will disappear as a person's income falls.

QUESTION 6

Because people's wants are unlimited but resources are scarce,
 a. only the rich get everything they want
  b. choices must be made
  c. there will be more services produced than goods
  d. people search for spiritual fulfillment rather than material fulfillment
  e. poor people never get anything they want

QUESTION 7

Scarcity
 a. exists because people have wants that are unlimited relative to the availability of resources to satisfy those wants
  b. applies when a resource is not freely available
  c. means that each society and each individual must make choices
  d. exists in all societies
  e. all of the above are true