Which of the Following Statements Describes Economists' Attitudes Regarding the Influence

question 273

Multiple Choice

Which of the following statements describes economists' attitudes regarding the influence of social factors on the choices consumers make?

• A)Economists formerly believed they were very important but now they believe they are not important.
• B)Economists believe social factors affect consumer choice in markets for public goods but not in markets for private goods.
• C)Liberal economists believe social factors are very important; conservative economists do not believe social factors have any influence on consumers.
• D)Economists traditionally believed they were unimportant, but many economists now believe social factors are important.

Recognize the importance of having positive values for logarithmic transformations.

Describe relationships between variables using scatterplots, including identifying linear, quadratic, and cubic relationships.

Understand the concept of "direction" in scatterplots as it relates to positive and negative associations.

Identify outliers within data and understand their impact on scatterplots and data analysis.

---

Definitions:

Wal-Mart

A multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.

Workers

Individuals engaged in physical or mental labor, especially those employed by others, contributing to the production of goods and services.

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates.

Microcredit

A financial service providing small loans to individuals or groups in low-income situations, aimed at enabling entrepreneurship and self-sufficiency.