1. Economics is the study of how society manages itsa. limited wants and unlimited resources.b. unlimited wants and unlimited resources.c. limited wants and limited resources.d. unlimited wants and limited resources.2. For an economy as a whole,a. wages must equal profit.b. consumption must equal income.c. income must equal expenditure.d. consumption must equal saving.

Answered: b. unlimited wants and unlimited…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 6CQQ

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1. Economics is the study of how society manages its
a. limited wants and unlimited resources.
b. unlimited wants and unlimited resources.
c. limited wants and limited resources.
d. unlimited wants and limited resources.
2. For an economy as a whole,
a. wages must equal profit.
b. consumption must equal income.
c. income must equal expenditure.
d. consumption must equal saving.

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The circumstance in the general public when the resources that people need to satisfy their needs are not adequate is known as shortage. Shortage is one of the serious issues that the financial matters manage.

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