Measuring important concepts in economics is difficult and some ...

[Mimi]

Measuring important concepts in economics is difficult and some important economic phenomena are still beyond the understanding of economists. Thus economics is called a(n):
 a. complex science.
  b. social science.
  c. inexact science.
  d. hard science.

Question 2

Suppose the price of beef declines by 0.50 per pound at the supermarket. Consumers of beef immediately increase their purchases of beef. This illustrates:
 a. the fact that beef is an inferior good.
  b. the cross-elasticity effect of a price decrease.
  c. the substitution effect of a price decrease.
  d. the fact that beef is an economic bad.
  e. the income effect of a rise in price.

[juiceman1987]

Answer to Question 1

C

Answer to Question 2

c

[Mimi]

Excellent

[kthug]

TYSM