What must be given up to obtain an item is called ( )
A. out-of-pocket cost.
B. comparative worth.
C. opportunity cost.
D. absolute value.
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When economists make normative statements, they are ( )
A. speaking as scientists.
B. speaking as policy advisers.
C. making claims about how the world is.
D. revealing that they are very liberal in their views of how the world works.
Economics is best defined as the study of（ ）
A. prices and quantities.
B. inflation and interest rates.
C. how people make choices under the conditions of scarcity and the results of those choices.
D. wages and incomes.
Demand curve is a sloping-down curve.
The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as ( )
A. quantity demanded.
B. asupply.
C. demand.
D. quantity supplied
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