Two advisors to the president have given their policy recommendations, and they are in disagreement. Why do these economists disagree?
a. because they do not have all relevant information about the problem
b. because they disagree on the nature of some cause-effect relationship
c. because they have different values and opinions
d. All of the above are reasons for disagreements among economists.
d
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If the local pizzeria raises the price of a medium pizza from $6 to $10 and quantity demanded falls from 700 pizzas a night to 100 pizzas a night, the arc price elasticity of demand for pizzas is:
A) 0.67. B) 1.5. C) 2.0. D) 3.0.
Under the U.S. system of regulation, most regulars are selected from
A) politicians and their friends. B) the industry that is to be regulated. C) consumer advocacy groups. D) university professors who understand the nature of the industry and who understand the true interests of consumers.