Two advisors to the president have given their policy recommendations, and they are in disagreement. Why do these economists disagree?
a. because they do not have all relevant information about the problem
b. because they disagree on the nature of some cause-effect relationship
c. because they have different values and opinions
d. All of the above are reasons for disagreements among economists.
d
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Collusion is more likely to occur when
A) there is fear of punishment for not colluding. B) there is a known finite time horizon. C) there are large gains to be made by cheating on an agreement. D) the game lasts only one period.
A firm that controls both the upstream as well as the downstream stages of production is said to be:
a. functionally integrated. b. perpendicularly integrated. c. vertically integrated. d. horizontally integrated.
America's antitrust laws are used to protect competition against possible encroachment by monopoly. This is an example of government as
a. regulator of businesses. b. buyer of goods and services. c. tax collector. d. redistributor.
Which of the following events would shift money demand to the left?
a. an increase in the price level b. a decrease in the price level c. an increase in the interest rate d. a decrease in the interest rate