Policies Such as Rent Control and Trade Barriers Persist in Spite

question 479

Multiple Choice

Policies such as rent control and trade barriers persist in spite of the fact that economists are virtually united in their opposition to such policies, probably because

• A)economists have not yet convinced the general public that the policies are undesirable.
• B)economists engage in positive analysis, not normative analysis.
• C)economists have values that are different from the values of most non-economists.
• D)economists' theories are not easily confirmed or refuted in laboratory analysis.

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Definitions:

Thorstein Veblen

An American economist and sociologist known for his theory of the leisure class and critique of consumer culture.

Leisure Class

A segment of society that derives its income from investments, inheritance, or other non-labor sources, allowing its members to focus on leisure activities and cultural pursuits rather than traditional labor.

Tax Rebate

A refund on taxes when the tax liability is less than the taxes paid.

Consumer Spending

The total amount of money spent by households in an economy on goods and services, excluding purchases of new housing.