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- This is an economics-based multiple-choice question... Which of the following facts could not be explained by path-dependence? (choose one) A) Sue lives in the city in which she was born. B) Maria likes to cook the dishes her mother used to cook. C) Vanessa is the first person in her family to go to college. D) Ahmed has played piano since he was four years old.Does an individual consumer really have a voice in answering the basic four economic questions described as given.What are the features of the human wants in economics?
- Which of the following makes economics an art? a. Practical use b. Value judgment c. Objectivity of statements d. Capability of measurementThe foundations of economics are closely related and multiple foundations were referenced. Which foundation was referred to most often? Choose one: A. trade-offs B. opportunity cost C. circular flow D. incentivesWhich of the following best demonstrates the influence of economic factors on consumer decision-making? a. A consumer buys a Lexus after her neighbors and garden club pals each buy one. b. A married couple with three young children purchase a minivan. c. A blue collar worker holds off on buying a new truck, pending potential layoffs at work. d. A young professional buys a utility vehicle for off-road exploring.
- Which of the following statements is accurate regarding economics? Economics only affects those who own a business or are wealthy. Economists are mostly concerned with making money. People make economic choices every day. The foundation of economics is personal greed.social preferences are not really preferences, and unselfish behavior is really motivated by the desire to follow rules and conventions with respect to what is fair. Is this interpretation correct?