A Member of the New Administration Argues That We Should

question 171

Multiple Choice

A member of the new administration argues that we should just accept the fact that all behaviour is due to our genes and that there is nothing we can do about it. This politician is guilty of

• A) empiricism
• B) adaptation errors
• C) social Darwinism
• D) genetic determinism
• E) behavioural thinking

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Definitions:

Government Intervention

Government intervention involves actions taken by a government to affect the economy, which can include regulations, subsidies, and taxes, aiming to correct market failures or achieve social goals.

Optimal Supply

Refers to the ideal level of stock or inventory that a company should maintain to meet demand without incurring excess costs or shortages.

Product Price

The monetary cost of a product, determined by factors such as production costs, competition, demand, and market conditions.

Externality

A consequence of an economic activity experienced by unrelated third parties; it can be positive or negative.