Economists study
A) the choices people make, but not the consequences of their choices.
B) the consequences of peoples' choices, but not the choices themselves.
C) the choices people make in a world where resources are scarce.
D) theories and ignore all the facts.
E) data rather than people.
C
You might also like to view...
Which of the following is most likely to cause the long-run aggregate supply curve to shift rightward?
a. A rise in energy prices b. A drop in the actual price level c. An increase in the demand for leisure hours d. An increase in the level of investment spending that is less than the depreciation of the capital stock e. A technological breakthrough with widespread practical applications
Suppose the inflation rate has risen 0.5 percent a year for the past three years. Using this experience an individual forecasts a 0.5 percent rise in the coming year's inflation rate. This is an example of:
a. traditional expectations. b. rational expectations. c. adaptive expectations. d. reflective expectations. e. deductive expectations.