What Are the Roles of Economists When Trying to Explain

question 38

Multiple Choice

What are the roles of economists when trying to explain or to improve the world?

• A) In trying to explain the world, economists are policy advisers; in trying to improve the world, they are scientists.
• B) In trying to explain the world, economists are mathematicians; in trying to improve the world, they are policymakers.
• C) In trying to explain the world, economists are mathematicians; in trying to improve the world, they are scientists.
• D) In trying to explain the world, economists are scientists; in trying to improve the world, they are policy advisers.

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Definitions:

Diminishing Marginal Utility

The principle that as a person consumes more of a product, there is a decline in the additional satisfaction or utility that person derives from consuming one more unit of the product.

Equality-Efficiency Trade-Off

This concept deals with the balance or compromise between achieving a more equitable distribution of resources and maximizing economic efficiency.

Income Equality

A situation in which earnings are distributed evenly across members of a society, reducing income disparities.

Growing Income Inequality

The increasing gap in the distribution of income and wealth among individuals or households within a community or country.