What is the role of value judgments in economic analysis?
What will be an ideal response?
Economists employ value judgments in making policy statements because of differences in goals or political persuasion. Liberal and conservative economists will look at the economy differently and see different problems with different solutions. It is important to note that value judgments do not generally interfere with most economic analysis, as there are many areas of agreement among economists.
You might also like to view...
The Sherman Antitrust Act of 1890
a. immediately reduced the number of trusts and the incidence of anticompetitive behavior b. established the Antitrust Division of the Department of Justice c. did not apply to farmers d. was not fully enforced at first e. prohibited price discrimination
Utils are used by economists to measure the satisfaction a person obtains from consuming a good
a. True b. False Indicate whether the statement is true or false
Federal and state governments often seek to raise tax revenue by levying excise or sales taxes on specific products. What economic factors should be considered in determining the products that will raise the most tax revenue? Give examples of products
in your answer. Please provide the best answer for the statement.
For a firm in a perfectly competitive labor market, the supply curve of labor is
A. perfectly inelastic. B. inelastic. C. perfectly elastic. D. elastic.