Economists Are

question 65

Multiple Choice

Economists are:

• A) concerned with developing theories and interested in solving problems.
• B) interested in solving problems but not concerned with developing theories.
• C) reluctant to predict changes in variables such as prices, employment, and spending.
• D) always in agreement on the best way to implement policy decisions.

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Definitions:

Risky Shift

In group decision making, the tendency for decisions made in groups after discussion to be riskier than decisions made by individual members prior to discussion.

Risk Avoidant

Characterizes individuals or strategies that prioritize minimizing potential losses or risks.

Justice Principle

The ethical concept that emphasizes fairness and the equitable treatment of individuals in decision-making processes and distribution of resources.

Profits

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.