Economists use the term "ceteris paribus" to indicate that:
a. the analysis is true for the individual but not for the economy as a whole
b. supply and demand are in balance.
c. their conclusions are based on normative rather than positive economic analysis.
d. other things are assumed to remain constant.
d
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Business cycles can be described best as
(a) being pervasive during the antebellum period but their effects were isolated to the private sector. (b) being pervasive during the antebellum period but their effects were isolated to the public sector. (c) being pervasive during the antebellum period and their effects were felt both in the private and public sectors. (d) uncommon during the antebellum period but their effects were felt significantly when present.
After September 11, 2001, a small group of economists argued that the economy's self-correcting mechanism would work to counteract the recessionary effects of the attack
a. True b. False Indicate whether the statement is true or false