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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 1, Problem 3DQ
Textbook Problem
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Explain why a government policymaker cannot afford to ignore economic theory.

To determine

To explain:

The reason for a government policymaker cannot afford to ignore economic theory.

Explanation of Solution

A government policymaker cannot afford the ignorance of economic theory because in economics the viewpoint of a policymaker affects the whole economy. Policymaker generally disregarded economics theory when they adhere to governance in order to maintain domestic order, defend invasion, and maintaining court order...

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