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Qudashia Mccoy
on Oct 26, 2024

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Economists who are asked to choose between two government policies may disagree because:

A) they make the same value judgments about the desirability of the policies.
B) they base their conclusions on models that make different assumptions.
C) as a matter of course,economists often take opposing points of view so that all sides of a question may be discussed.
D) economists are trained ignore facts and focus on theory.

Value Judgments

Value judgments are assessments or opinions based on personal values, beliefs, or ethics, rather than on empirical evidence or objective criteria.

Economic Models

Economic models are simplified representations of complex economic processes, used to predict future economic activities and policy outcomes.

Government Policies

Strategies and actions taken by the government to influence the economy or address societal issues.

  • Discern the importance of economic models and their contribution to the analysis of real-world scenarios.
  • Distinguish between positive and normative economic statements.
  • Understand the role of economists and economic institutions in policy making and analysis.
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Bailey LaceyOct 30, 2024
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