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:

Sensorimotor Stage

The first stage in Piaget's theory of cognitive development, where infants learn through interacting with their environment using their senses and motor actions.

Jean Piaget

A Swiss psychologist known for his pioneering work in child development and his theory of cognitive development.

Name Objects

The cognitive ability to recognize and label objects in the environment with their corresponding names, a fundamental aspect of language and communication.

Months of Age

A unit of time measurement used primarily to track the development and milestones of infants and young children.