Author Question: Measuring important concepts in economics is difficult and some important economic phenomena are ... (Read 103 times)

Mimi · **on:** Jun 30, 2018

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.