One reason economists have many different views on social policy is that:
A. economic policy cannot involve value judgments.
B. policy proposals must be based on precise evidence.
C. economic policy is an exact science.
D. policy proposals are based on various models that focus on different aspects of a problem.
Answer: D
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In the attempt to use deficits to fight the Great Recession, what was the size of the federal government's "stimulus" plan of 2009?
A) $7.87 billion B) $78.7 billion C) $787 billion D) $7.87 trillion
All else constant, as the barriers to entry into a particular market increase, so will the ability of firms in that market to earn above-average profits
Indicate whether the statement is true or false
Exhibit 3-5 Supply for Tucker's Cola Data Quantity supplied per week(millions of gallons) Price pergallon 6 $3.00 5 2.50 4 2.00 3 1.50 2 1.00 1 .50 Exhibit 3-5 shows the supply schedule for Tucker's Cola. Suppose there are four additional suppliers of cola in the market. When the price per gallon of cola is $1.50, the first supplier is willing to sell 10 million gallons, the second supplier is willing to sell 2 million gallons, the third supplier is willing to sell 5 million gallons, and the fourth supplier is willing to sell 0 gallons. The market quantity supplied of cola when the price is $1.50 is
A. 17 million gallons. B. 20 million gallons. C. 30 million gallons. D. 0 gallons.
The alternative combinations of two goods that a consumer can purchase with a given money income is:
A. a demand curve. B. a budget line. C. a production possibilities curve. D. consumer equilibrium.