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Chapter 2 Thinking Like an Economist




Question;1. Which of the following is not correct?;a.;Economists;use some familiar words in specialized ways.;b.;Economics;has its own language and its own way of thinking, but few other fields of;study do.;c.;Supply;demand, elasticity, comparative advantage, consumer surplus, and deadweight;loss are all terms that are part of the economist?s language.;d.;The;value of the economist?s language lies in its ability to provide you with a;new and useful way of thinking about the world in which you live.;2. Economists use some familiar terms in;specialized ways;a.;to make;the subject sound more complex than it is.;b.;because;every respectable field of study has its own language.;c.;to;provide a new and useful way of thinking about the world.;d.;because;it was too difficult to come up with new terms.;The Economist as Scientist;1. Economists, like mathematicians, physicists;and biologists;a.;make use;of the scientific method.;b.;try to;address their subject with a scientist?s objectivity.;c.;devise;theories, collect data, and then analyze these data in an attempt to verify;or refute their theories.;d.;All of;the above are correct.;2. The essence of science is;a.;the;laboratory experiment.;b.;the scientific;method.;c.;the;study of nature, but not the study of society.;d.;All of;the above are correct.;3. The scientific method is;a.;the use;of modern technology to understand the way the world works.;b.;the use;of controlled laboratory experiments to understand the way the world works.;c.;the;dispassionate development and testing of theories about how the world works.;d.;the;search for evidence to support preconceived theories about how the world;works.;4. The scientific method is applicable to;studying;a.;natural;sciences, but not social sciences.;b.;social;sciences, but not natural sciences.;c.;both;natural sciences and social sciences.;d.;None of;the above is correct.;5. Who said, "The whole of science is;nothing more than the refinement of everyday thinking"?;a.;Isaac;Newton;b.;Albert;Einstein;c.;Adam;Smith;d.;Benjamin;Franklin;6. Albert Einstein once made the following;observation about science;a.;The;whole of science is nothing more than the refinement of everyday thinking.;b.;The;whole of science is nothing more than an interesting intellectual;exercise.;c.;In;order to understand science, one must rely solely on abstraction.;d.;In;order to understand science, one must transcend everyday thinking.;7. Sir Isaac Newton's development of the theory;of gravity after observing an apple fall from a tree is an example of;a.;a;controlled experiment that lead to the formulation of a scientific theory.;b.;being in;the right place at the right time.;c.;an idea;whose time had come.;d.;the;interplay between observation and theory in science.;8. Which of the following is an example of using;the scientific method with a natural experiment?;a.;Measuring;how long it takes a marble to fall from a ten story building.;b.;Comparing;plant growth with and without a soil additive.;c.;Tracking;the price of oil when a war in the Middle East interrupts the flow of crude;oil.;d.;Observing;the reaction when two chemicals are mixed together.


Paper#55174 | Written in 18-Jul-2015

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