When economists use the term Ceteris paribus, they are indicating that:
a. the relationship between two economic variables cannot be determined.
b. the analysis is true for the individual but not for the economy as a whole.
c. all other variables except the ones specified are assumed to be constant.
d. their conclusions are based on normative economics rather than positive economic analysis.
c
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Why do we say that the demand for labor is a derived demand?
Which of the following is an indicator of how much output the average person would get if all output were divided up evenly among the population?
A. Per capita GDP. B. Nominal GDP. C. Real GDP. D. GDP deflator.
Which of the following statements about leading economic indicators is true?
a. They foreshadow turning points in the business cycle. b. Most people refer to them before making any important spending decision. c. They indicate when an economy is in a recession or an expansion.? d. They are the only economic indicators available to economists.? e. They can predict precisely when turning points in an economy will occur.?
Which one of the following is a familiar type of asset-backed security?
a. U.S. Treasury bonds b. movie box-office receipts c. shares of stock in corporations d. securities backed by home mortgages e. none of the above