Which of the Following Is the Best Explanation for Why

question 22

Multiple Choice

Which of the following is the best explanation for why President Harry Truman once said that he wanted to find a one-armed economist?

• A)President Truman received input from so many economists that he only wanted one view from each.
• B)President Truman thought economists should analyze policies but not make or enforce them.
• C)Economists understand that most policy decisions involve trade-offs so they are likely to present multiple views of policies.
• D)A one-armed economist would conduct only positive analysis and no normative analysis.

Recognize the role and impact of transaction costs on the efficiency of markets and exchanges.

Identify the benefits of private ownership in resource conservation and economic incentive structures.

Understand the function and value added by middlemen in reducing transaction costs, facilitating trade, and increasing the gains from exchange.

Explain the significance of exchange in creating value and facilitating the movement of goods to those who value them most.

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Definitions:

Sue

To initiate legal proceedings against an individual or entity, typically to seek remediation for a grievance or injury.

Cyberdefamation

The act of damaging someone's reputation by making false statements about them on the internet.

Electronic Devices

Gadgets powered by electricity, including computers, smartphones, and tablets, used for a variety of tasks.

False Information

Incorrect or misleading data presented as fact, which can have legal consequences if used for deceit.