Suppose that Shen, an economist from a research facility in Washington, and Valerie, another economist from a nonprofit institution in the Midwest, are both guests on a popular science podcast. The host of the podcast is facilitating their debate over budget deficits. The following dialogue represents a portion of the transcript of their discussion: Valerie: Most people recognize that the budget deficit has been rising considerably over the last century. We need to find the best course of action to remedy this situation. Shen: I believe that a cut in income tax rates would boost economic growth and raise tax revenue enough to reduce budget deficits. Valerie: I actually feel that raising the top income tax rate would reduce the budget deficit more effectively. The disagreement between these economists is most likely due to differences in scientific judgments Despite their differences, with which proposition are two economists chosen at random most likely to agree? Business managers can raise profit more easily by reducing costs than by raising revenue. Employers should not be restricted from outsourcing work to foreign nations. Central banks should focus more on maintaining low unemployment than on maintaining low inflation.
Suppose that Shen, an economist from a research facility in Washington, and Valerie, another economist from a nonprofit institution in the Midwest, are both guests on a popular science podcast. The host of the podcast is facilitating their debate over budget deficits. The following dialogue represents a portion of the transcript of their discussion: Valerie: Most people recognize that the budget deficit has been rising considerably over the last century. We need to find the best course of action to remedy this situation. Shen: I believe that a cut in income tax rates would boost economic growth and raise tax revenue enough to reduce budget deficits. Valerie: I actually feel that raising the top income tax rate would reduce the budget deficit more effectively. The disagreement between these economists is most likely due to differences in scientific judgments Despite their differences, with which proposition are two economists chosen at random most likely to agree? Business managers can raise profit more easily by reducing costs than by raising revenue. Employers should not be restricted from outsourcing work to foreign nations. Central banks should focus more on maintaining low unemployment than on maintaining low inflation.
Chapter24: Fiscal Policy
Section: Chapter Questions
Problem 5P
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Transcribed Image Text:8. Agreement and disagreement among economists
Suppose that Shen, an economist from a research facility in Washington, and Valerie, another economist from a nonprofit institution in the Midwest,
are both guests on a popular science podcast. The host of the podcast is facilitating their debate over budget deficits. The following dialogue
represents a portion of the transcript of their discussion:
Valerie: Most people recognize that the budget deficit has been rising considerably over the last century. We need to find the best
course of action to remedy this situation.
Shen: I believe that a cut in income tax rates would boost economic growth and raise tax revenue enough to reduce budget deficits.
Valerie: I actually feel that raising the top income tax rate would reduce the budget deficit more effectively.
The disagreement between these economists is most likely due to
differences in scientific judgments
Despite their differences, with which proposition are two economists chosen at random most likely to agree?
Business managers can raise profit more easily by reducing costs than by raising revenue.
O Employers should not be restricted from outsourcing work to foreign nations.
Central banks should focus more on maintaining low unemployment than on maintaining low inflation.
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