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Chapter 2 Thinking Like an Economist




Question;17. Almost all economists agree that tariffs and import quotas;a.;reduces;general economic welfare.;b.;increases;general economic welfare.;c.;have no;effect on general economic welfare.;d.;stimulate;a less than fully employed economy.;18. Almost all economists agree that local and state governments should;a.;eliminate;subsidies to professional sports franchises.;b.;increase;subsidies to professional sports franchises.;c.;copy;economic policy from Washington, D.C.;d.;prevent;companies from outsourcing work.;19. Differences in scientific judgement between economists is similar;to all of the following except;a.;astronomers;debating whether the sun or earth was at the center of the solar system.;b.;meteorologists;debating the existence of global warming.;c.;two;politicians arguing about the fairness of the tax code.;d.;explorers;debating whether or not the earth was flat before the time of Christopher;Columbus.;Let's Get Going;1. John Maynard Keynes referred to economics as;an easy subject;a.;at which;very few excel.;b.;but not;as easy as philosophy or the pure sciences.;c.;which;very few can enjoy.;d.;which;deals primarily with common sense.;2. How did the influential economist John Maynard;Keynes explain his remark that though economics is an easy subject compared;with the higher branches of philosophy or pure science, it is a subject at;which few excel?;a.;Most;people who study economics are not very bright.;b.;Good;economists must possess a rare combination of gifts.;c.;Economics;is quite boring, hence, people tend to lose interest in it before mastering;it.;d.;Good;thinkers become frustrated with economics because it does not make use of the;scientific method.;3. According to economist John Maynard Keynes, a;great economist must also be a(n);a.;mathematician.;b.;historian.;c.;philosopher.;d.;All of;the above are correct.;4. The 1990 amendment to the Clean Air Act;a.;banned;all forms of pollution.;b.;implemented;tradable allowances for acid rain.;c.;created;a research council on asthma.;d.;made;global warming a national priority.;5. Economists have helped modify the debate over;the environment;a.;by;pointing out that nature is invaluable.;b.;by;focusing discussion on issues of resource allocation.;c.;by;lobbying Congress for acid rain legislation.;d.;by;arguing against tradeable permits for pollution.


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