When Economists Disagree About Whether Legislation Is a Good Idea,even

question 129

Multiple Choice

When economists disagree about whether legislation is a good idea,even when they agree about its impacts,the disagreements are usually over

• A) normative issues
• B) positive issues
• C) the mathematical calculations in an economic model
• D) whether microeconomics or macroeconomics is more important
• E) whether economic theory is useful in explaining the behavior of actors in the economy

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Definitions:

Discretionary Product

A non-essential good or service purchased with disposable income, often subject to personal tastes and economic conditions.

Shopping Product

Goods that a consumer, in the process of selection and purchase, characteristically compares on such bases as suitability, quality, price, and style.

Convenience Product

A consumer item that is widely available and purchased frequently with minimal effort.

Unsought Product

A type of product that consumers typically do not think of buying until a need arises or they are made aware of it through advertising.