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:

Credit Card

A payment card issued to users as a method of payment, allowing the cardholder to pay for goods and services based on the cardholder's promise to pay for them.

Personal Check

A personal check is a paper instrument that allows individuals to transfer money from their bank account to another person or entity.

Average Price

The sum of prices of all goods or services divided by the number of units, used to give a general idea of price levels in a market.

Savings And Loan Debacle

Refers to a financial crisis in the United States during the 1980s and early 1990s when many savings and loan associations failed due to risky business practices.