"Mediocre economists often consider only the immediate direct effects of a change, whereas a good economist will also consider indirect effects that may only become observable over time." This statement most clearly emphasizes
A) the law of comparative advantage.
B) economizing behavior.
C) the importance of secondary effects.
D) the gains derived from voluntary exchange.
C) the importance of secondary effects.
Economics
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From the 1950s to the 2010s, transfer payments' share of GDP
A) steadily increased. B) steadily decreased. C) remained fairly steady. D) increased during Democratic administrations and decreased during Republican administrations.
Economics
An excise tax levied on a product will impose a larger relative burden on consumers (and a smaller relative burden on sellers) when
a. the supply of the product is relatively inelastic. b. the supply of the product is relatively elastic. c. the demand for the product is relatively inelastic. d. either b or c is true
Economics