It may be stated that the process of thinking like an economist involves three basic issues. Which of the following is the odd one?
- Economists explore the relationships between two variables, which hold other variables fixed.
- Economists consider opportunity costs.
- Economists think in marginal terms.
- Economists deal only with items with explicit prices
Answer
The correct answer is D) Economists deal only with items with explicit prices.
More Science & Technology questions
- Which statement about the problem of scarcity, a central issue in economics, is true?
- In economics, the marginal concept refers to producing or consuming a good at the margin of the total produced or consumed amount. Which question does not involve a marginal decision?
- In economics, opportunity cost is the difference between the yield that funds and resources earn in one use and the yield they could have earned had they been placed in an alternative investment. Which of these factors has the most impact on opportunity cost?
- Which of these statements about the effect of specialization and trade on the market is most accurate?
- In economics, the concept of opportunity cost is related to both the alternatives and decision-making. A friend offers you a Coke, a Pepsi, or a Diet Coke. You dont like Diet Coke, so after some thought, you take the Pepsi. In this case, what is the opportunity cost of your choice?
- It is generally accepted, that economic market systems have proved to be so stable and efficient for which of these reasons?