Economists Normally

question 150

Multiple Choice

Economists normally

• A)do not try to explain people's tastes,but they do try to explain what happens when tastes change.
• B)believe that they must be able to explain people's tastes in order to explain what happens when tastes change.
• C)do not believe that people's tastes determine demand,so they ignore the subject of tastes.
• D)incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements.

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Definitions:

Mean

The arithmetic average of a set of numbers, calculated by adding up all the values and dividing by the number of values.

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A unit of weight commonly used in the United States and the United Kingdom, equivalent to 0.453592 kilograms.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values are around the mean.

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The amount of money or profit gained from playing poker, often representing the difference between bets placed and payouts received.