Wrong When studying the effects of changes in publie policy, economists believe

Question

Wrong When studying the effects of changes in publie policy, economists believe that a. it is important to distinguish between the short run and the long run. b. the assumptions used in studying those effects should be the same for the short run as for the long run. e the shoreraneffecs of those changes are alway more benefeinl tososiety than re the longe nueffects d. the long-run effects of those changes are always more beneficial to society than are the short-run effects. Hide Feedback Incorrect

Explanation / Answer

Correct option is (a).

Choice of any economic policy (public or private) has different impacts and significance in the short run and long run. Therefore it is important and necessary to make a distinction between short and long run. However, it cannot be stated with certainty whether short run or long run effects will be more beneficial.

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