When President Harry Truman said that he wanted to find a one-armed economist because his economic advisors always said, "On the one hand... and on the other hand... " he recognized that the advice of economists is often open to more than one interpretation. Why is this?
a. Economists cannot make up their minds on policy matters
b. Economists agree with each other on all policy issues.
c. Economists are aware that tradeoffs are involved in most policy questions.
d. Economists are often unable to identify the critical questions involved in policy issues.
c
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Other things remaining the same, if a large part of the population decided against having soda for health reasons, there would be a(n):
a. increase in the quantity of soda supplied. b. increase in the quantity supplied of complements like fries and burgers. c. decrease in the price of soda. d. rightward shift of the demand curve for soda. e. decrease in the quantity demanded of substitutes like mineral water.
Aid to families with dependent children was
a. a close-to-perfect welfare or public assistance program. b. criticized because it provided little incentive for recipients to get jobs. c. contributing to efficient production of goods. d. superior to a negative income tax for work incentives.