Podcast
Questions and Answers
True or false: Economists try to address their subject with a scientist's objectivity?
True or false: Economists try to address their subject with a scientist's objectivity?
True
True or false: The essence of science in economics is the scientific method?
True or false: The essence of science in economics is the scientific method?
True
True or false: Economists conduct experiments to test their theories?
True or false: Economists conduct experiments to test their theories?
False
True or false: Economists pay close attention to the natural experiments offered by history?
True or false: Economists pay close attention to the natural experiments offered by history?
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True or false: Assumptions in economics can simplify the complex world and make it easier to understand?
True or false: Assumptions in economics can simplify the complex world and make it easier to understand?
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True or false: Different assumptions are made in economics to answer different questions?
True or false: Different assumptions are made in economics to answer different questions?
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True or false: Economists study both short-run and long-run effects?
True or false: Economists study both short-run and long-run effects?
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True or false: Economic models omit many details and simplify reality to improve our understanding of it?
True or false: Economic models omit many details and simplify reality to improve our understanding of it?
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True or false: Microeconomics is the study of how households and firms make decisions and how they interact in markets?
True or false: Microeconomics is the study of how households and firms make decisions and how they interact in markets?
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True or false: Positive statements in economics are objective statements dealing with matters of fact or how things actually are?
True or false: Positive statements in economics are objective statements dealing with matters of fact or how things actually are?
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True or false: Normative statements in economics are opinion or value judgments and can be proven with facts and figures?
True or false: Normative statements in economics are opinion or value judgments and can be proven with facts and figures?
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True or false: Economists may disagree due to validity of alternative positive theories and different normative views?
True or false: Economists may disagree due to validity of alternative positive theories and different normative views?
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True or false: A ceiling on rents usually reduces the quantity and quality of housing available, according to most economists?
True or false: A ceiling on rents usually reduces the quantity and quality of housing available, according to most economists?
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True or false: Cash payments increase the welfare of recipients to a greater degree than transfers-in kind of equal cash value, according to most economists?
True or false: Cash payments increase the welfare of recipients to a greater degree than transfers-in kind of equal cash value, according to most economists?
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True or false: A minimum wage increases unemployment among young and unskilled workers.
True or false: A minimum wage increases unemployment among young and unskilled workers.
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True or false: The government should restructure the welfare system along the lines of a 'negative income tax.'
True or false: The government should restructure the welfare system along the lines of a 'negative income tax.'
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True or false: Effluent taxes and marketable pollution permits represent a better approach to pollution control than the imposition of pollution ceilings.
True or false: Effluent taxes and marketable pollution permits represent a better approach to pollution control than the imposition of pollution ceilings.
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True or false: Government subsidies on ethanol in the United States should be reduced or eliminated.
True or false: Government subsidies on ethanol in the United States should be reduced or eliminated.
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True or false: In every economy, income should be equal to expenditure.
True or false: In every economy, income should be equal to expenditure.
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True or false: The circular flow diagram illustrates the flow of resources from households to firms and of products from firms to households.
True or false: The circular flow diagram illustrates the flow of resources from households to firms and of products from firms to households.
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True or false: The production possibilities frontier represents the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
True or false: The production possibilities frontier represents the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
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True or false: Graphs can visually express ideas that might be less clear if described with equations or words?
True or false: Graphs can visually express ideas that might be less clear if described with equations or words?
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True or false: A pie chart is a type of graph that displays two variables on a single graph?
True or false: A pie chart is a type of graph that displays two variables on a single graph?
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True or false: Negatively related variables move in opposite directions and have a downward sloping curve?
True or false: Negatively related variables move in opposite directions and have a downward sloping curve?
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True or false: Positively related variables move in the same direction and have an upward sloping curve?
True or false: Positively related variables move in the same direction and have an upward sloping curve?
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True or false: Slope is calculated as the ratio of the vertical distance covered to the horizontal distance covered?
True or false: Slope is calculated as the ratio of the vertical distance covered to the horizontal distance covered?
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True or false: The slope of a horizontal line is zero?
True or false: The slope of a horizontal line is zero?
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True or false: The slope of a vertical line is infinite?
True or false: The slope of a vertical line is infinite?
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True or false: A fairly flat upward-sloping line has a large positive slope?
True or false: A fairly flat upward-sloping line has a large positive slope?
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True or false: A steep upward-sloping line has a small positive slope?
True or false: A steep upward-sloping line has a small positive slope?
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