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Chapter 2 Thinking Like an Economist




Question;105. There is only one explanation for why economists give conflicting;advice on policy issues, and it is that they have different values about what;policy should try to accomplish.;106. Economists may disagree about the validity of alternative positive;theories about how the world works.;107. Different values are not a reason for disagreement among;economists.;108. In surveys of professional economists, fourteen propositions were;endorsed by an overwhelming majority of respondents.;109. Because almost all economists oppose policies that restrict trade;among nations, policymakers do not restrict imports of certain goods.;110. According to John Maynard Keynes, an economist must possess a rare;combination of skills including being a mathematician, historian, statesman;and philosopher.;111. In economics, graphs serve two purposes: they offer a way to;visually express ideas, and they provide a way of finding and interpreting;patterns when analyzing economic data.;112. Examples of graphs of a single variable include pie charts, bar graphs;and time-series graphs.;113. A pie chart is a way to display information regarding two;variables.;114. In the ordered pair (10,30), 10 is the y-coordinate and 30 is the;z-coordinate.


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