Eco 102 H Lt Review (chapter 2: Thinking Like An Economist)

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Eco 102 H Lt Review (chapter 2: Thinking Like An Economist)
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  • 1. 
    Which of the choices is not a role of an economist as a scientist?
    • A. 

      Devise theories

    • B. 

      Collect data

    • C. 

      Analyze data

    • D. 

      Generalize trends


  • 2. 
    In economics, conducting an experiment is often difficult but not impossible.
    • A. 

      True

    • B. 

      False


  • 3. 
    Economists, like astronomers and evolutionary biologists, usually have to make do with whatever data the world happens to give them.
    • A. 

      True

    • B. 

      False


  • 4. 
    To find substitute for laboratory experiments, economists manipulate people to garner data. 
    • A. 

      True

    • B. 

      False


  • 5. 
    Assumptions often lead to hasty generalizations even if it simplifies things. 
    • A. 

      True

    • B. 

      False


  • 6. 
    The art of thinking - whether in physics, biology, or economics - is by erasing all the assumptions made. 
    • A. 

      True

    • B. 

      False


  • 7. 
    Economists use different assumptions when studying the short-run and long-run effects of a change in the quantity of money. 
    • A. 

      True

    • B. 

      False


  • 8. 
    Economists use models which are often composed of diagrams and equations. 
    • A. 

      True

    • B. 

      False


  • 9. 
    An economist's model include every feature of the economy. 
    • A. 

      True

    • B. 

      False


  • 10. 
    All models are built with assumptions. 
    • A. 

      True

    • B. 

      False


  • 11. 
    The circular-flow diagram dispenses signifcant details but aren't crucial for basic understanding of how the economy is organized.
    • A. 

      True

    • B. 

      False


  • 12. 
    Most economic models are built using diagrams. 
    • A. 

      True

    • B. 

      False


  • 13. 
    The economy can produce at any point on or inside the production possibilties frontier, but it cannot produce at points outside the frontier. 
    • A. 

      True

    • B. 

      False


  • 14. 
    An outcome is said to be efficient if the economy is getting all it can from the scarce resources it has available. 
    • A. 

      True

    • B. 

      False


  • 15. 
    The production possibilities frontier shows the trade-off between the outputs of different goods at a given time, but the trade-off can change over time.
    • A. 

      True

    • B. 

      False


  • 16. 
    The production possibilities frontier simplifies a complex economy to highlight some basic put fowerful ideas except:
    • A. 

      Economic growth

    • B. 

      Trade-offs

    • C. 

      Inflation

    • D. 

      Opportunity cost

    • E. 

      Scarcity


  • 17. 
    Economy is the sum of all the firms and households. 
    • A. 

      True

    • B. 

      False


  • 18. 
    It is possible to understand the macroeconomic developments without considering the associated microeconomic decisions. 
    • A. 

      True

    • B. 

      False


  • 19. 
    Because microeconomics and macroeconomics adress different questions, each field has its own set of models.
    • A. 

      True

    • B. 

      False


  • 20. 
    Deciding what is good or bad policy is a matter of science.
    • A. 

      True

    • B. 

      False


  • 21. 
    Which of the following does not give inputs about the economy to the president of a country? 
    • A. 

      Department of Treasury

    • B. 

      Department of Labor

    • C. 

      Department of Justice

    • D. 

      Congressional Budget Office

    • E. 

      Bureau of Food and Drugs

    • F. 

      Federal Reserve


  • 22. 
    Economists offer crucial inputs into the policy process which makes up the whole complex recipe. 
    • A. 

      True

    • B. 

      False


  • 23. 
    Economists don't disagree about the validity of alternative positive theories about how the world works.
    • A. 

      True

    • B. 

      False


  • 24. 
    Economists have the same valuesand therefore the same normative views about what policy should try to accomplish. 
    • A. 

      True

    • B. 

      False


  • 25. 
    Science is about measuring the world around us in sophisticated ways. 
    • A. 

      True

    • B. 

      False


  • 26. 
    Economics is a young science, and there is still much to be learned. 
    • A. 

      True

    • B. 

      False


  • 27. 
    Markets and environment are two different fields that don't depend on each other.
    • A. 

      True

    • B. 

      False


  • 28. 
    What are the two purposes of graphs?
    • A. 

      Graphs offer a way to visually express ideas.

    • B. 

      Graphs provide a powerful way of finding and interpreting patterns.

    • C. 

      Graphs helps economists to look at the trends in the macroeconomic level.

    • D. 

      Graphs helps simplify the complex phenomena in the economy.


  • 29. 
    If we were to graph party times and grades, it will have a positive correlation. 
    • A. 

      True

    • B. 

      False


  • 30. 
    DEMAND CURVE There is a simple way to tell when it is necessary to shift a curve: whena variable that is not named on either axis changes, the curve shifts.
    • A. 

      True

    • B. 

      False


  • 31. 
    Economists always sound positive because of expectation. 
    • A. 

      True

    • B. 

      False


  • 32. 
    Exports go up especially if the global market is in crisis. 
    • A. 

      True

    • B. 

      False


  • 33. 
    Graphs cannot be used by economists to determine the causality of events. 
    • A. 

      True

    • B. 

      False


  • 34. 
    A graph where in the Y axis is: Risk of Cancer and the X axis: Number of Lighters in the House is an example of Omitted Variables.
    • A. 

      True

    • B. 

      False


  • 35. 
    The graph where in the X axis is: Police Officers and the Y axis: Violent crimes is an example of Omitted Variables. 
    • A. 

      True

    • B. 

      False


  • 36. 
    To determine the direction of causality is to examine which variable moves second. 
    • A. 

      True

    • B. 

      False


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