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Chapter 2

The document consists of multiple-choice questions and short answer prompts related to economic concepts, including the scientific method in economics, the roles of economists, microeconomics versus macroeconomics, and the interpretation of production possibilities frontiers. It covers definitions of normative and positive statements, as well as the implications of conflicting economic advice. Additionally, it includes practical questions about opportunity costs and production capabilities.

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Diệu Huyền
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0% found this document useful (0 votes)
5 views4 pages

Chapter 2

The document consists of multiple-choice questions and short answer prompts related to economic concepts, including the scientific method in economics, the roles of economists, microeconomics versus macroeconomics, and the interpretation of production possibilities frontiers. It covers definitions of normative and positive statements, as well as the implications of conflicting economic advice. Additionally, it includes practical questions about opportunity costs and production capabilities.

Uploaded by

Diệu Huyền
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 2

1015. (0.2 point)


Economists like mathematicians, physicists, and biologists because they
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.

1016. (0.2 point)


Economists make assumptions to
a. study the earth’s gravity.
b. simplify a complex world easier to understand.
c. make it easier to teach economic concepts and analysis.
d. illustrate and evaluate economic theories.

1017. (0.2 point)


Unlike plastic manikins, economic models
a. are not useful because they omit many real-world details.
b. consists of diagrams and equations.
c. are useful because they do not omit any real-world details.
d. are plastic representations of the economy.

1018. (0.2 point)


The circular-flow diagram
a. is a visual model.
b. includes two types of decision makers: households and firms.
c. shows the flows of inputs, outputs, and dollars.
d. All of the above are correct.

1019. (0.2 point)


Which of the following is not correct statement about production possibilities frontiers?
a. An economy can produce any point on the production possibilities frontier.
b. An economy can produce at any point outside a production possibilities frontier.
c. An economy can produce at any point inside the production possibilities frontier.
d. An economy can not produce at any point outside the production possibilities frontier.

1020. (0.2 point)


Which of the following statements is not correct about the roles of economists EXCEPT ?
a. Economists are best viewed as policy advisers.
b. Economists are best viewed as scientists.
c. In trying to explain the world, economists are policy advisers; in trying to improve the
world, they are scientists.
d. In trying to explain the world, economists are scientists; in trying to improve the world,
they are policy advisers.

1021. (0.2 point)


Microeconomics is the study of
a. how money affects the economy.
b. how households and firms make decisions.
c. how households and firms interact in markets.
d. a & b are correct.

1022. (0.2 point)


Macroeconomics is the study of
a. decisions of household.
b. trade off.
c. economy-wide phenomena.
d. opportunity cost.

1023. (0.2 point)


Normative statements are
a. prescriptive about how the world ought to be.
b. made by scientists.
c. backward-looking.
d. forward-looking.

1024. (0.2 point)


Positive statements are
a. prescriptive.
b. descriptive.
c. claims about how the world is.
d. b & c are correct.

1025. (0.2 point)


Economists sometimes give conflicting advice because
a. they are encouraged to argue with each other.
b. they have different scientific judgment and values.
c. they act as policy advisers.
d. they have belief systems more than scientists.
Short Answers

1048. (0.5 point)

Robots Cars
400 0
300 200
200 350
100 450 What
is the
0 500
opportunity cost to Toyland of increasing the production of robots from 200 to 300?

1049. (0.5 point)


tra ctors

tu bas

At which point can not this economy produce tractors ?

1050. (0.5 point)

toasters
50

45

40

35
C
30

25
A
20

15
D B
10

10 20 30 40 50 60 70 80 tooth-
brushes

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