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Chapter 2 Thinking Like an Economist

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Question;9. The goal of an economist who formulates new;theories is to;a.;provide;an interesting framework of analysis, whether or not the framework turns out;to be of much use in understanding how the world works.;b.;provoke;stimulating debate in scientific journals.;c.;contribute;to an understanding of how the world works.;d.;demonstrate;that economists, like other scientists, can formulate testable theories.;10. Which of the following statements applies to economics, as well as;to other sciences such as physics?;a.;Experiments;are considered valid only when they are conducted in a laboratory.;b.;Good;theories do not need to be tested.;c.;Real-world;observations often lead to theories.;d.;Economics;as well as other sciences, is concerned primarily with abstract concepts.;11. With respect to how economists study the economy, which of the;following statements is most accurate?;a.;Economists;study the past, but they do not try to predict the future.;b.;Economists;use ?rules of thumb? to predict the future.;c.;Economists;devise theories, collect data, and analyze the data to test the theories.;d.;Economists;use controlled experiments in much the same way that biologists and;physicists do.;12. Economists face an obstacle that many other scientists do not;face. What is that obstacle?;a.;It is;often difficult to formulate theories in economics.;b.;It is;often difficult and sometimes impossible to perform experiments in economics.;c.;Economics;cannot be addressed objectively, it must be addressed subjectively.;d.;The;scientific method cannot be applied to the study of economics.;13. In conducting their research, economists face an obstacle that not;all scientists face, specifically, in economics, it is often difficult and;sometimes impossible to;a.;make use;of theory and observation.;b.;rely;upon the scientific method.;c.;conduct;laboratory experiments.;d.;find;articles or books that were written before 1900.;14. The use of theory and observation is more difficult in economics;than in sciences such as physics due to the difficulty in;a.;performing;an experiment in an economic system.;b.;applying;mathematical methods to economic analysis.;c.;analyzing;available data.;d.;formulating;theories about economic events.;15. Which of the following statements is (are) correct?;a.;Relative;to some other scientists, economists find it more difficult to conduct;experiments.;b.;Theory;and observation are important in economics as well as in other sciences.;c.;To;obtain data, economists often rely upon the natural experiments offered by;history.;d.;All of;the above are correct.;16. Because it is difficult for economists to use experiments to;generate data, they generally must;a.;do;without data.;b.;substitute;assumptions for data when data are unavailable.;c.;rely;upon hypothetical data that were previously concocted by other economists.;d.;use;whatever data the world gives them.;17. Which of the following statements is correct?;a.;Economists;almost always find it easy to conduct experiments in order to test their;theories.;b.;Economics;is not a true science because economists are not usually allowed to conduct;experiments to test their theories.;c.;Economics;is a social science rather than a true science because it cannot employ the;scientific method.;d.;Economists;are usually not able to conduct experiments, so they must rely on natural;experiments offered by history.;18. Instead of conducting laboratory experiments to generate data to;test their theories, economists often;a.;ask;winners of the Nobel Prize in Economics to evaluate their theories.;b.;argue;that data is impossible to collect in economics.;c.;gather;data from historical episodes of economic change.;d.;assume;that data would support their theories.

 

Paper#55175 | Written in 18-Jul-2015

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