Answered: Arizona, and Yvette, an economist from…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.3: What Do Economists Do?

Problem 5R

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suppose that Sean, an economist from a university in Arizona, and Yvette, an economist from a university in Massachusetts, are arguing over saving incentives. The following dialogue shows an excerpt from their debate:

Yvette: I think it's safe to say that, in general, the savings rate of households in today's economy is much lower than it really needs to be to sustain an improvement in living standards.

Sean: I think a switch from the income tax to a consumption tax would bring growth in living standards.

Yvette: You really think households would change their saving behavior enough in response to this to make a difference? Because I don't.

The disagreement between these economists is most likely due to differences in scientific judments/differences between perception versus reality/ or differences in values .

#2 Despite their differences, with which proposition are two economists chosen at random most likely to agree?

Tariffs and import quotas generally reduce economic welfare/or Minimum wage laws do more to harm low-skilled workers than help them./or Lawyers make up an excessive percentage of elected officials.

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