Why might well-educated economists disagree on appropriate public policy in some situations?
What will be an ideal response?
Economists might disagree because of imperfect information, different theories on relevant cause–effect relationships, and because of their different values.
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The total amount of money the government owes to its creditors is known as ________
Fill in the blank(s) with correct word
A universal health insurance program, which lowers patient's out-of-pocket expenses, would tend to
A) reduce the number of patients seeking medical care. B) reduce the number of doctors offering medical care. C) increase the non-monetary costs of medical care, such as waiting longer in line. D) generate all of the above.
For consumers, chocolate chip cookies and doughnuts are substitutes. So, an increase in the price of chocolate chip cookies will lead to a rightward shift in the demand curve for doughnuts
Indicate whether the statement is true or false
Which of the following is correct?
A. If demand is elastic, an increase in price will increase total revenue. B. If demand is elastic, a decrease in price will decrease total revenue. C. If demand is elastic, a decrease in price will increase total revenue. D. If demand is inelastic, an increase in price will decrease total revenue.