Why might well-educated economists disagree on appropriate public policy in some situations?
Economists might disagree because of imperfect information, different theories on relevant cause-effect relationships, and because of their different values.
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Refer to the table above. The opportunity cost per dollar of value added in stitching shoes by workers in Laborland is ________
A) $0.25 B) $0.50 C) $2 D) $4
If real GDP in a year was $4,031 billion and the price index was 124, then nominal GDP in that year was approximately:
a. $5,121 billion b. $4,445 billion c. $5,233 billion d. $4,998 billion
An increase in demand for a nation's currency in the foreign exchange market will:
A. cause the nation's currency to appreciate. B. make it more expensive for the nation to import goods. C. cause the nation's balance on its current account to shift toward a surplus. D. make it less expensive for foreigners to buy the nation's goods.
A computer programmer working in India relocates to the United States. This is an example of
A. cross-border trade. B. international outsourcing. C. factor intensity reversal. D. factor mobility.