Multiple Choice 1. Which of the following is the least important reason why econ
ID: 1247649 • Letter: M
Question
Multiple Choice1. Which of the following is the least important reason why economists in the US may disagree about how to solve an economic problem?
a. have different political and moral beliefs
b. disagree about the facts of the situation
c. belong to different political parties
d. use different models to analyze the problem and its solutions
2. Economists and others use economic theory:
a. to determine which public-policy decision will guarantee the most optimal social outcome
b. only in situations in which money changes hands
c. to replace value judgements about important public policy choices
d. to confuse their enemies
e. as a partial basis for policy recommendations
3. When the economy is stagnant or shrinking, either the economists working for the current Administration or the economists working for the party that is out of power know exactly which policies will spur an economic recovery.
True or False
4. The only economic agents who economists need to consider in analyzing a market exchange are the buyers and the sellers
True or False
5. If a society uses the market system, it must rely solely on markets to solve all of its problems.
True or False
Explanation / Answer
1. c. 2. c. or e. depending on how you look at it. 3. False. 4. False. 5. False.
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