Which of the following is one of the reasons economists sometimes differ in their views on social policy?
A. Different models focus on the same aspects of a problem.
B. Economists' subjective value judgments will differ.
C. Empirical evidence is so precise that there is little room for different interpretations.
D. Most so-called economists have received no formal training.
Answer: B
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Which of the following is a bias in the CPI?
i. new goods bias ii. index change bias iii. commodity substitution bias A) i only B) ii only C) iii only D) i and iii E) i, ii, and iii
Which of the following statements about the importance of trade to the U.S. economy is false?
A) The U.S. economy is highly dependent on international trade for growth in its gross domestic product. B) Overall, about 20 percent of U.S. manufacturing jobs depend directly or indirectly on exports. C) The United States is the second largest exporter in the world. D) Since 1970, both exports and imports have steadily increased as a fraction of U.S. gross domestic product.