Economists are:
A) concerned with developing theories and interested in solving problems.
B) interested in solving problems but not concerned with developing theories.
C) reluctant to predict changes in variables such as prices, employment, and spending.
D) always in agreement on the best way to implement policy decisions.
Ans: A) concerned with developing theories and interested in solving problems.
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Acme is a perfectly competitive firm. It has the total cost schedule given in the above table. Acme's product sells for $8.00 per unit. What amount of output is the most profitable and what is Acme's economic profit or economic loss?
What will be an ideal response?
Which of the following would cause an increase in the equilibrium wage?
A) The supply of labor increases and the demand for labor decreases. B) The supply of jobs increases less than the demand for jobs. C) The demand for labor increases faster than the supply of labor. D) The supply of labor increases more than the demand for labor.