MC21. What was the focus of early economic thought?
A. The study of how economies functioned at a macro level.
B. The study of how individuals and firms made decisions about what goods and services to produce and consume.
C. The study of how governments could most efficiently manage economic activity.
D. The study of how to maximize social welfare.
Answer:B
MC21. What was the focus of early economic thought?
A. The study of how economies functioned at a macro level. B. The study of how individuals and firms made decisions about what goods and services to produce and consume. C. The study of how governments could most efficiently manage economic activity. D. The study of how to maximize social welfare.