Steve also produces baseball gloves and baseball bats, but Tom is better at producing both items. In this case, trade could a. Benefit both Steve and Tom. Benefit Steve, however not Tom. Benefit Tom, but not Steve.

Inflation is extra harmful to the economic system than unemployment is. The policymaker often disregards an economist’s recommendation as a result of they do not believe it’s the most effective coverage. Economists usually assist a. Trade restrictions. Government management of trade.

Speaking as coverage advisers. Making claims about how the world is. d. Revealing that they are very liberal of their views of how the world works. When economists make positive statements, they’re a.

Economists have different values and scientific judgment. Economists performing as scientists don’t prefer to agree with economists appearing as coverage advisers. Economics is extra of a belief system than a science. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in vehicles. Also assume that Germany has an absolute advantage in both fish and vehicles.

Prescriptive. Claims about how the world ought to be. Claims about how the world is. d. Made by economists talking as policy advisers. Suppose that when revenue rises, the demand curve for doctor [pii_email_ffc1166da765045692f5]‘s visits shifts to the best. In this case, we all know physician’s visits are…

If these two countries specialize and trade so as to maximise the benefits of specialization and commerce, then a. The two countries’ mixed output of each goods will be greater than it would be in the absence of commerce. Greece will produce extra fish than it would produce in the absence of commerce. Germany will produce extra cars than it will produce within the absence of trade. All of the above are appropriate. Which of the next statements isn’t correct?

Because virtually all economists agree that those insurance policies are fascinating. Despite the reality that almost all economists agree that these policies are undesirable. Almost all economists agree that hire management a. Has no impact on the rental earnings of landlords. Allows the market for housing to work extra effectively.