Lesson 2: Economics as Applied Science
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Questions and Answers

What is the focus of normative economics?

  • Predicting economic behavior
  • Explaining economic phenomena
  • Describing economic models
  • Evaluating and making judgements (correct)
  • Which assumption in economics states that individuals act in a logical and predictable manner?

  • Ceteris paribus
  • Perfect information
  • Profit maximization
  • Rationality (correct)
  • What Latin phrase refers to the assumption that controls the effects of other variables not under study in economics?

  • Perfect information
  • Rationality
  • Ceteris paribus (correct)
  • Profit maximization
  • Which economic fallacy occurs when one assumes that a change was caused by an event just because the change followed the event?

    <p>Post hoc fallacy</p> Signup and view all the answers

    In economics, what does the fallacy of composition refer to?

    <p>Assuming a trait of one part applies to the whole</p> Signup and view all the answers

    What is the term used for the application of economic theory and econometrics in real-world situations?

    <p>Applied Economics</p> Signup and view all the answers

    Which core value of economic development refers to self-respect, reputation, pride, and acknowledgment?

    <p>Self-Esteem</p> Signup and view all the answers

    What does positive economics focus on?

    <p>Describing what exists and how things work</p> Signup and view all the answers

    In the context of economic study and analysis, what does 'inclusive growth' aim to achieve?

    <p>Establishing a middle-class society with equal opportunities</p> Signup and view all the answers

    Which social processes and phenomenon can be understood using economic concepts such as demand and supply, exchange, and cost and benefits?

    <p>Social relationships and migration</p> Signup and view all the answers

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