What Are the Roles of Economists When Trying to Explain

question 38

Multiple Choice

What are the roles of economists when trying to explain or to improve the world?

• A) In trying to explain the world, economists are policy advisers; in trying to improve the world, they are scientists.
• B) In trying to explain the world, economists are mathematicians; in trying to improve the world, they are policymakers.
• C) In trying to explain the world, economists are mathematicians; in trying to improve the world, they are scientists.
• D) In trying to explain the world, economists are scientists; in trying to improve the world, they are policy advisers.

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Definitions:

Quantity Demanded

The specific amount of a good or service that consumers are willing and able to buy at a given price within a certain period of time.

Price Decrease

A reduction in the cost of goods or services, which can affect demand, supply, and economic equilibrium.

Determinant

A factor or condition that decisively affects the nature or outcome of something, often used in economics to discuss variables impacting demand, supply, or price.

Inputs

Resources used in the production process, including labor, capital, and materials.