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Chapter 2 Thinking Like an Economist




Question;1. Economists try to address their subject with a;scientist?s objectivity.;2. Economists devise theories, collect data, and;then analyze these data in an attempt to verify or refute their theories.;3. The scientific method is the dispassionate;development and testing of theories about how the world works.;4. The scientific method can be applied to the;study of economics.;5. While the scientific method is applicable to;studying natural sciences, it is not applicable to studying a nation?s economy.;6. For economists, conducting experiments is;often difficult and sometimes impossible.;7. Economists usually have to make do with;whatever data the world happens to give them.;8. It is difficult for economists to make;observations and develop theories, but it is easy for economists to run;experiments to generate data to test their theories.;9. Since economists cannot use natural;experiments offered by history, they must use carefully constructed laboratory;experiments instead.;10. Historical episodes are not valuable to economists.;11. Historical episodes allow economists to illustrate and evaluate;current economic theories.;12. Good assumptions simplify a problem without substantially affecting;the answer.


Paper#55201 | Written in 18-Jul-2015

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