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.

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Definitions:

Oral Communication

The exchange of information or ideas through spoken words between individuals or groups.

Technical Problems

Issues related to the knowledge, tools, and techniques in the application of science and technology.

Informal Nature

The characteristic of activities or interactions that occur outside of formal structures and protocols, often spontaneous and unstructured.

External Source

Referring to information, resources, or inputs that come from outside the organization or individual's immediate environment.