Reference no: EM131236597
Suppose that Raphael, an economist from a university in Arizona, and Susan, an economist from a university in Massachusetts, are arguing over budget deficits. The following dialogue shows an excerpt from their debate:
Susan: Most people recognize that the budget deficit has been rising considerably over the last century. We need to find the best course of action to remedy this situation.
Raphael: I believe that a cut in income tax rates would boost economic growth and raise tax revenue enough to reduce budget deficits.
Susan: I actually feel that raising the top income tax rate would reduce the budget deficit more effectively.
The disagreement between these economists is most likely due to a) Differences in value B) Differences in scientific judgements C) Differences in perception versus reality.
Despite their differences, with which proposition are two economists chosen at random most likely to agree?
Minimum wage laws do more to harm low-skilled workers than help them.
Tariffs and import quotas generally reduce economic welfare.
Lawyers make up an excessive percentage of elected officials.
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Each propose promoting economic growth
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The level of competition is very important
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Find the equilibrium price and quantity
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Minimum wage laws do more to harm low-skilled workers
: Suppose that Raphael, an economist from a university in Arizona, and Susan, an economist from a university in Massachusetts, are arguing over budget deficits. Despite their differences, with which proposition are two economists chosen at random most ..
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High unemployment and high inflation at the same time
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Assume oligopolistic competition between the two firms
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Macroeconomic data for hypothetical country
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