Which of the following statements describes economists' attitudes regarding the influence of social factors on the choices consumers make?
A) Economists believe social factors affect consumer choice in markets for public goods but not in markets for private goods.
B) Liberal economists believe social factors are very important; conservative economists do not believe social factors have any influence on consumers.
C) Economists traditionally believed they were unimportant, but many economists now believe social factors are important.
D) Economists formerly believed they were very important but now they believe they are not important.
C
You might also like to view...
Which of the following is not an implicit cost?
A) wages B) opportunity cost of using an owner's savings C) owner-provided capital D) owner-provided labor
The concept of "random walk" applies most closely to predictions of
a. consumer demand for a product after a price increase. b. the effects of a tax on the supply of oil. c. the effects of transfer payments on labor supply. d. the price of a particular stock one year from now.