When Economists Are Trying to Explain the World,they Are

question 18

Multiple Choice

When economists are trying to explain the world,they are

• A)scientists.
• B)policy advisers.
• C)in the realm of microeconomics rather than macroeconomics.
• D)in the realm of normative economics rather than positive economics.

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Definitions:

Bottled Water

Bottled water is drinking water packaged in plastic or glass bottles, and it may or may not be carbonated.

Equilibrium Quantity

Equilibrium quantity is the amount of goods or services supplied and demanded at the equilibrium price, where market supply and demand balance each other.

Wage Subsidy

A financial incentive provided by the government to businesses to encourage the hiring of more employees or to reduce unemployment.

Earned Income Tax Credit

A tax credit that can be refunded, designed for individuals and families of low to moderate income, especially those with children, to help lessen poverty and promote employment.