Economists study
A) the choices people make, but not the consequences of their choices.
B) the consequences of peoples' choices, but not the choices themselves.
C) the choices people make in a world where resources are scarce.
D) theories and ignore all the facts.
E) data rather than people.
C
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Refer to the table above. What is the marginal product of the sixth worker?
A) 20 pairs of shoes B) 46.7 pairs of shoes C) 60 pairs of shoes D) 280 pairs of shoes
When a tax is imposed on the suppliers of a good or service, then
A) in general, the producers pay all the tax. B) in general, the consumers pay all the tax. C) the consumers pay a larger part of the tax as the elasticity of demand for the product becomes smaller. D) the consumers pay a larger part of the tax as the elasticity of demand for the product becomes larger.
Along the consumption function, an increase in disposable income will:
a. cause autonomous consumption to rise b. shift the consumption function upward. c. cause a corresponding downward shift of the saving function. d. cause a movement along the given consumption function. e. shift the consumption function downward.
Following Keynesian economics, and assuming a marginal propensity to consume (MPC) of 0.75, an increase in taxes of $100 billion would be expected to shift the aggregate demand curve by $300 billion to the left
a. True b. False Indicate whether the statement is true or false