Economic analysis requires both mathematical reasoning and historical study.
Answer the following statement true (T) or false (F)
True
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Why might well-educated economists disagree on appropriate public policy in some situations?
What will be an ideal response?
The classical theory was developed in the late 18th and early 19th centuries
A) and cannot be explained using the modern tool of the productivity function. B) and therefore is not accepted today. C) and still applies to the most developed nations today, though not to the less developed nations. D) and has proponents today who fear population growth and overpopulation. E) during a time of population decline.
Suppose there are constant returns to scale. Now suppose that over time a country doubles its workers, its natural resources, its physical capital, and its human capital, but its technology is unchanged. Which of the following would double?
a. both output and productivity b. output, but not productivity c. productivity, but not output d. neither productivity nor output
Demand for gasoline is inelastic because there are no substitutes available.
a. true b. false