Traditionally, economists have considered culture, customs, and religion as
A) very important influences on the choices consumers make.
B) subject to normative economic analysis rather than positive economic analysis.
C) relatively unimportant factors in explaining the choices consumers make.
D) important influences in explaining consumer choices in command economies but less important in market economies.
C
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Quotas, such as limiting the amount of residential water use during a drought, restricts an individual's preference set and
A) reduces utility because an individual cannot consume as much as they would without the quota. B) increases utility because quotas restrict output and raise profits for the water company. C) reduces utility because an individual is forced to substitute to other goods. D) does not affect overall utility.
If Southwest Airlines borrows $20 million from a bank to finance the renovation of their corporate offices, this is an example of
A) a bond market transaction. B) indirect finance. C) a stock market transaction. D) direct finance.