Suppose two economists are arguing about policies that deal with unemployment One economist says the government should fight unemployment because it is the greatest social evil The other economist response Nonsense Inflation is the greatest social evil These economists ?
Correct answer: B. disagree because they have different values.
- A. really don't disagree at all It just appears that they disagree.
- B. disagree because they have different values.
- C. none of these answers.
- D. disagree because they have different scientific judgments.Science
Explanation
The economists are ranking social problems according to different beliefs about what matters most. That is a disagreement in values, not a disagreement about an objectively testable economic relationship.
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About Macroeconomics
The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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