When Studying the Effects of Changes in Public Policy,economists Believe

question 237

Multiple Choice

When studying the effects of changes in public policy,economists believe that

• A)it is important to distinguish between the short run and the long run.
• B)the assumptions used in studying those effects should be the same for the short run as for the long run.
• C)the short-run effects of those changes are always more beneficial to society than are the long-run effects.
• D)the long-run effects of those changes are always more beneficial to society than are the short-run effects.

---

Definitions:

Liability

Legal responsibility for one's actions or omissions, which may result in the obligation to pay damages or perform specific actions.

Instructions

Directions or orders given by one party to another, especially in the context of executing a task or procedure.

Purchase Price

The amount of money paid to buy a product or service.

Confidential Information

Data or knowledge which is not meant to be disclosed to the public, often protected by law or contract due to its sensitive nature.