To Isolate the Impact of One Single Factor, Economists Invoke

question 12

Multiple Choice

To isolate the impact of one single factor, economists invoke the assumption of

• A) inductive reasoning.
• B) Ockham's razor.
• C) ceteris paribus.
• D) post hoc, ergo propter hoc.

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Definitions:

Consistent

Refers to something that is characterized by staying the same over time, not changing or varying.

Hegemony

The dominance or leadership of one social group or nation over others, often maintained through ideological or cultural means.

Bourgeois Class

A social class characterized by their ownership of capital and their related culture, habits, and lifestyle, typically contrasted with the working class.

Capitalist Society

A system of economy in which the ownership of resources and investments lies in the hands of private entities or businesses, and where market pricing, the manufacturing, and allocation of commodities are largely governed by the dynamics of competition within an open market.