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204 Thinking Like an Economist,3 The language of economics is. a needlessly arcane, b valuable because it provides a new and useful way of learning about the world. c easy to learn within a day, d unnecessary to learn for a thorough understanding of economics. DIFFICULTY Difficulty Easy,LEARNING OBJECTIVES ECON MANK 15 5 LO 2 0. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC Thinking Like an Economist.
KEYWORDS BLOOM S Comprehension, Multiple Choice Section 01 The Economist as Scientist. 1 Economists like mathematicians physicists and biologists. 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. d All of the above are correct,DIFFICULTY Difficulty Moderate. LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1,NATIONAL STANDARDS United States BUSPROG Analytic. TOPICS DISC Thinking Like an Economist,KEYWORDS BLOOM S Comprehension.
2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. Thinking Like an Economist 205,2 The essence of science is. a the laboratory experiment,b the scientific method. c the study of nature but not the study of society. d All of the above are correct,DIFFICULTY Difficulty Easy. LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1,NATIONAL STANDARDS United States BUSPROG Analytic. TOPICS DISC General,Principles,KEYWORDS BLOOM S Knowledge.
3 The scientific method is, a the use of modern technology to understand the way the world works. b the use of controlled laboratory experiments to understand the way the world works. c the dispassionate development and testing of theories about how the world works. d the search for evidence to support preconceived theories about how the world works. DIFFICULTY Difficulty Easy,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General. Principles,KEYWORDS BLOOM S Knowledge, 2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. 206 Thinking Like an Economist,4 The scientific method is applicable to studying.
a natural sciences but not social sciences,b social sciences but not natural sciences. c both natural sciences and social sciences,d None of the above is correct. DIFFICULTY Difficulty Moderate,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General. Principles,KEYWORDS BLOOM S Comprehension, 5 Who said The whole of science is nothing more than the refinement of everyday thinking.
a Isaac Newton,b Albert Einstein,c Adam Smith,d Benjamin Franklin. DIFFICULTY Difficulty Easy,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General. Principles,KEYWORDS BLOOM S Knowledge, 2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. Thinking Like an Economist 207, 6 Albert Einstein once made the following observation about science.
a The whole of science is nothing more than the refinement of everyday thinking. b The whole of science is nothing more than an interesting intellectual exercise. c In order to understand science one must rely solely on abstraction. d In order to understand science one must transcend everyday thinking. DIFFICULTY Difficulty Easy,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General. Principles,KEYWORDS BLOOM S Knowledge, 7 Sir Isaac Newton s development of the theory of gravity after observing an apple fall from a tree is. an example of, a a controlled experiment that lead to the formulation of a scientific theory. b being in the right place at the right time,c an idea whose time had come.
d the interplay between observation and theory in science. DIFFICULTY Difficulty Moderate,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General. Principles,KEYWORDS BLOOM S Comprehension, 2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. 208 Thinking Like an Economist, 8 Which of the following steps does an economist take when studying the economy. a devise theories,b collect data,c analyze data,d All of the above are correct.
DIFFICULTY Difficulty Easy,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC Thinking Like an Economist. KEYWORDS BLOOM S Comprehension, 9 Which of the following is an example of using the scientific method with a natural experiment. a measuring how long it takes a marble to fall from a ten story building. b comparing plant growth with and without a soil additive. c tracking the price of oil when a war in the Middle East interrupts the flow of crude oil. d observing the reaction when two chemicals are mixed together. DIFFICULTY Difficulty Easy,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General.
Principles,KEYWORDS BLOOM S Application, 2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. Thinking Like an Economist 209, 10 The goal of an economist who formulates new theories is to. a provide an interesting framework of analysis whether or not the framework turns out to be of. much use in understanding how the world works, b provoke stimulating debate in scientific journals. c contribute to an understanding of how the world works. d demonstrate that economists like other scientists can formulate testable theories. DIFFICULTY Difficulty Moderate,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC Thinking Like an Economist.
KEYWORDS BLOOM S Comprehension, 11 Suppose an economist develops a theory that higher food prices arise from higher gas prices. According to the scientific method which of the following is the economist s next step. a Collect and analyze data, b Go to a laboratory and generate data to test the theory. c Publish the theory without testing it, d Consult with other economists to see they agree with the theory. DIFFICULTY Difficulty Easy,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General.
Principles,KEYWORDS BLOOM S Application, 2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. 210 Thinking Like an Economist, 12 Which of the following statements applies to economics as well as to other sciences such as. a Experiments are considered valid only when they are conducted in a laboratory. b Good theories do not need to be tested,c Real world observations often lead to theories. d Economics as well as other sciences is concerned primarily with abstract concepts. DIFFICULTY Difficulty Moderate,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General.
Principles,KEYWORDS BLOOM S Comprehension, 13 With respect to how economists study the economy which of the following statements is most. a Economists study the past but they do not try to predict the future. b Economists use rules of thumb to predict the future. c Economists devise theories collect data and analyze the data to test the theories. d Economists use controlled experiments in much the same way that biologists and physicists do. DIFFICULTY Difficulty Moderate,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC Thinking Like an Economist. KEYWORDS BLOOM S Comprehension, 2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. Thinking Like an Economist 211, 14 Economists face an obstacle that many other scientists do not face What is that obstacle.
a It is often difficult to formulate theories in economics. b It is often impractical to perform experiments in economics. c Economics cannot be addressed objectively it must be addressed subjectively. d The scientific method cannot be applied to the study of economics. DIFFICULTY Difficulty Moderate,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General. Principles,KEYWORDS BLOOM S Comprehension, 15 In conducting their research economists face an obstacle that not all scientists face specifically. in economics it is often impractical to,a make use of theory and observation. b rely upon the scientific method,c conduct laboratory experiments.
d find articles or books that were written before 1900. DIFFICULTY Difficulty Moderate,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General. Principles,KEYWORDS BLOOM S Comprehension, 2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. 212 Thinking Like an Economist, 16 The use of theory and observation is more difficult in economics than in sciences such as physics. due to the difficulty in,a performing an experiment in an economic system.
b applying mathematical methods to economic analysis. c analyzing available data,d formulating theories about economic events. DIFFICULTY Difficulty Moderate,LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1. NATIONAL STANDARDS United States BUSPROG Analytic,TOPICS DISC General. Principles,KEYWORDS BLOOM S Comprehension, 17 Which of the following statements is are correct. a Relative to some other scientists economists find it more difficult to conduct experiments. b Theory and observation are important in economics as well as in other sciences. c To obtain data economists often rely upon the natural experiments offered by history. d All of the above are correct,DIFFICULTY Difficulty Moderate.
LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1,NATIONAL STANDARDS United States BUSPROG Analytic. TOPICS DISC General,Principles,KEYWORDS BLOOM S Comprehension. 2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. Thinking Like an Economist 213, 18 Because it is difficult for economists to use experiments to generate data they generally must. a do without data, b substitute assumptions for data when data are unavailable. c rely upon hypothetical data that were previously concocted by other economists. d use whatever data the world gives them,DIFFICULTY Difficulty Moderate.
LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1,NATIONAL STANDARDS United States BUSPROG Analytic. TOPICS DISC Thinking Like an Economist,KEYWORDS BLOOM S Comprehension. 19 Which of the following statements is correct, a Economists almost always find it easy to conduct experiments in order to test their theories. b Economics is not a true science because economists are not usually allowed to conduct. experiments to test their theories, c Economics is a social science rather than a true science because it cannot employ the scientific. d Economists are usually not able to conduct experiments so they must rely on natural. experiments offered by history,DIFFICULTY Difficulty Moderate.
LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1,NATIONAL STANDARDS United States BUSPROG Analytic. TOPICS DISC Thinking Like an Economist,KEYWORDS BLOOM S Comprehension. 2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. 214 Thinking Like an Economist, 20 Instead of conducting laboratory experiments to generate data to test their theories economists. a ask winners of the Nobel Prize in Economics to evaluate their theories. b argue that data is impossible to collect in economics. c gather data from historical episodes of economic change. d assume that data would support their theories,DIFFICULTY Difficulty Moderate. LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1,NATIONAL STANDARDS United States BUSPROG Analytic.
TOPICS DISC Thinking Like an Economist,KEYWORDS BLOOM S Comprehension. 21 The most common data for testing economic theories come from. a carefully controlled and conducted laboratory experiments. b computer models of economies,c historical episodes of economic change. d centrally planned economies,DIFFICULTY Difficulty Moderate. LEARNING OBJECTIVES ECON MANK 15 6 LO 2 1,NATIONAL STANDARDS United States BUSPROG Analytic. TOPICS DISC Thinking Like an Economist,KEYWORDS BLOOM S Comprehension.
2015 Cengage Learning All Rights Reserved May not be scanned copied or duplicated or posted to a publicly accessible website in whole or in part. Thinking Like an Economist 215, 22 In conducting their research economists often substitute historical events and historical episodes. Thinking Like an Economist Multiple Choice Section 00 Introduction 1 Which of the following is not correct a Economists use some familiar words in specialized ways b Economics has its own language and its own way of thinking but few other fields of study do

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