1. | Which of the choices is not a role of an economist as a scientist? |
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2. | In economics, conducting an experiment is often difficult but not impossible. |
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3. | Economists, like astronomers and evolutionary biologists, usually have to make do with whatever data the world happens to give them. |
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4. | To find substitute for laboratory experiments, economists manipulate people to garner data. |
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5. | Assumptions often lead to hasty generalizations even if it simplifies things. |
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6. | The art of thinking - whether in physics, biology, or economics - is by erasing all the assumptions made. |
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7. | Economists use different assumptions when studying the short-run and long-run effects of a change in the quantity of money. |
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8. | Economists use models which are often composed of diagrams and equations. |
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9. | An economist's model include every feature of the economy. |
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10. | All models are built with assumptions. |
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11. | The circular-flow diagram dispenses signifcant details but aren't crucial for basic understanding of how the economy is organized. |
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12. | Most economic models are built using diagrams. |
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13. | The economy can produce at any point on or inside the production possibilties frontier, but it cannot produce at points outside the frontier. |
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14. | An outcome is said to be efficient if the economy is getting all it can from the scarce resources it has available. |
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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. |
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16. | The production possibilities frontier simplifies a complex economy to highlight some basic put fowerful ideas except: |
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17. | Economy is the sum of all the firms and households. |
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18. | It is possible to understand the macroeconomic developments without considering the associated microeconomic decisions. |
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19. | Because microeconomics and macroeconomics adress different questions, each field has its own set of models. |
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20. | Deciding what is good or bad policy is a matter of science. |
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21. | Which of the following does not give inputs about the economy to the president of a country? |
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22. | Economists offer crucial inputs into the policy process which makes up the whole complex recipe. |
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23. | Economists don't disagree about the validity of alternative positive theories about how the world works. |
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24. | Economists have the same valuesand therefore the same normative views about what policy should try to accomplish. |
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25. | Science is about measuring the world around us in sophisticated ways. |
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26. | Economics is a young science, and there is still much to be learned. |
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27. | Markets and environment are two different fields that don't depend on each other. |
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28. | What are the two purposes of graphs? |
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29. | If we were to graph party times and grades, it will have a positive correlation. |
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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. |
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31. | Economists always sound positive because of expectation. |
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32. | Exports go up especially if the global market is in crisis. |
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33. | Graphs cannot be used by economists to determine the causality of events. |
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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. |
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35. | The graph where in the X axis is: Police Officers and the Y axis: Violent crimes is an example of Omitted Variables. |
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36. | To determine the direction of causality is to examine which variable moves second. |
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