Economics:
a. is a natural science like biology and chemistry
b. is a science built on survey data and declared preferences (what people say they are going to do) not on revealed preferences (how people actually behave).
c. is a science concerned with reaching generalizations about human behavior, not unlike sociology or psychology.
d. is concerned with predicting business conditions in the future, not with the current state of the stock market.
c
You might also like to view...
If a group of professionals successfully lobby the government to require workers in their profession to have a license, the most likely result will be a(n)
a. reduction in the supply of such professionals and a decrease in their wage rate b. reduction in the demand for such professionals and an increase in their wage rate c. reduction in the supply of such professionals and an increase in their wage rate d. reduction in the demand for such professionals and a decrease in their wage rate e. increase in the demand for such professionals and an increase in their wage rate
The world price of a commodity will settle at the level where
a. supply and demand are equal within each country. b. the excess demand of the importing country is equal to the excess supply of the exporting country. c. the excess demand in the exporting country is equal to the excess demand in the importing country. d. there is no excess demand in the exporting country.