You know an economist has crossed the line from scientist to policy adviser when he or she
a. claims that the problem at hand is widely misunderstood by non-economists.
b. talks about the evidence.
c. makes normative statements.
d. makes a claim about how the world is.
c
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Which of the following functions are performed by depository institutions?
I. They make long-term loans using short-term deposits, thereby creating liquidity. II. They efficiently gather funds from a large base of depositors. III. They concentrate risk. A) I only B) II only C) III only D) I and II
When all changes in the world are due to
A) fiscal policy, purchasing power parity holds true in the long run. B) monetary policy, purchasing power parity does not hold true in the long run. C) monetary policy, purchasing power parity holds true in the long run. D) monetary policy, purchasing power parity holds true even in the short run. E) fiscal and monetary policy, purchasing power parity holds true in the long run.
The time it takes for policymakers to obtain and to understand the data and to change the policy instrument based on that information is known as ________, respectively
A) the data, recognition, and effectiveness lags B) the recognition, data, and effectiveness lags C) the data, recognition, and implementation lags D) the recognition, implementation, and effectiveness lags E) the data, implementation, and effectiveness lags
With a natural monopoly, the minimum price a single firm must charge to make a profit:
A. is half the price two or more firms would have to charge. B. is equal to the price two or more firms would have to charge. C. is lower than the price two or more firms would have to charge. D. is always higher than the price two or more firms would have to charge.