multiple choice choose the one alternative that best complete s statement or answers question 1 which of following is definition economics a study how consumers spend their income b federal government allocates tax dollars c business firms decide what inputs to hire and outputs produce d individuals societies use scarce resources nature previous generations have provided 2 economists phrase ceteris paribus express assumption scarcity fact life everything affects else all equal there no such thing as free lunch 3 branch examines functioning individual industries behavior decision making units microeconomics macroeconomics positive normative 4 an approach analyzes outcomes economic evaluates them good bad may prescribe preferred courses action seeks understand operation systems while judgments about usefulness
