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Economics and the Scientific Method

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Questions and Answers

What is the primary goal of the scientific method in economics?

To test hypotheses about how the world works (correct)

To make assumptions about the world

To develop theories that are proven to be true

To conduct experiments in a laboratory setting

What is a challenge of conducting experiments in economics?

It is often impractical (correct)

It is too expensive

It is not possible to control for all variables

It is not necessary to test hypotheses

What is the role of assumptions in economic scientific thinking?

To ignore the natural experiments offered by history

To make theories more complex

To decide which variables to control for

To simplify the complex world and make it easier to understand (correct)

Why do economists pay close attention to natural experiments offered by history?

To substitute for laboratory experiments Signup and view all the answers

What is the purpose of observation in the scientific method in economics?

To test hypotheses about the world Signup and view all the answers

How do different assumptions made by economists affect their analysis?

They are used to answer different questions Signup and view all the answers

What is a key characteristic of economists as scientists?

They devise theories and collect data to analyze. Signup and view all the answers

What do economists use to verify or refute their theories?

Data and the scientific method Signup and view all the answers

What is the primary role of an economist, according to the quote?

Understanding human behavior and society Signup and view all the answers

What is the scientific method used for in economics?

To understand human behavior and test hypotheses Signup and view all the answers

What do economists analyze to verify their theories?

Data collected from observations and experiments Signup and view all the answers

What is the primary purpose of economic models?

To simplify reality to improve our understanding of it Signup and view all the answers

What is a circular-flow diagram?

A visual model of the economy showing how dollars flow through markets Signup and view all the answers

Who are the two main decision makers in the economy?

Firms and households Signup and view all the answers

What are the two markets depicted in a circular-flow diagram?

For goods and services and for factors of production Signup and view all the answers

What is the role of assumptions in economic models?

To eliminate irrelevant details Signup and view all the answers

Why do economists use economic models?

To simplify reality and improve understanding Signup and view all the answers