Prescriptive. Claims about how the world should be. Claims about how the world is. d. Made by economists talking as policy advisers. Suppose that when earnings rises, the demand curve for doctor’s visits shifts to the right. In this case, we know doctor’s visits are…
If an individual chooses self-sufficiency, then she will be in a position to solely consume what she produces. A shopper with amyotrophic lateral sclerosis tells the nurse, “Sometimes I feel so pissed off. I can’t do anything with out … Course Hero isn’t sponsored or endorsed by any faculty or college.
Sometimes economists disagree as a outcome of their values differ. Which of the following cases best reflects this supply of disagreement? One economist beli… If the price of a product decreases, people’s willingness to buy that product will enhance. A law requiring the federal authorities to stability its finances would enhance economic development. The best modifying services leaves no mistake untouched.
Inflation is more harmful to the economy than unemployment is. The policymaker often disregards an economist’s recommendation as a result of they do not imagine it’s the most effective policy. Economists usually assist a. Trade restrictions. Government management of commerce.
This would by no means happen. Policymakers all the time observe the recommendation of economists. Positive statements are a.
Adversely impacts the supply and quality of housing. Is a very cheap means to assist probably the most needy members of society. The elimination of trade restrictions would enhance an economy’s way of life. “Prices rise when the amount of cash hone xs office backgrounds rises quickly” is an instance of a… “Society could be higher off if the welfare system have been abolished” is a normative statement, not a positive statement. Positive statements may be evaluated utilizing knowledge alone, but normative statements can not.
Must each be incorrect as a outcome of tax coverage is never that easy. None of the above is correct. A manufacturing potentialities frontier is a straight line when a. The more assets the economic system uses to supply one good, the less sources it has obtainable to provide the other good. An economy is interdependent and engaged in trade instead of self-sufficient. The fee of tradeoff between the two goods being produced is constant.
The precept of comparative benefit applies to nations as well as to individuals. Economists use the precept of comparative benefit to emphasise the potential benefits of free trade. Gasoline costs ought to be decrease than they’re now. The federal government should increase taxes on wealthy folks. The social safety system is an efficient system and it deserves to be preserved as it is. d.
Health and Human Services. Justic… Buyers and sellers agree might be brought to market. The house owners of the raw materials used in manufacturing would raise the prices for the raw supplies. Equilibrium quantity would increase, but the influence on equilibrium price can be ambiguous.