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Questions and Answers
What is one of the most effective tools that economists use?
What is one of the most effective tools that economists use?
- The ethical method
- The scientific method (correct)
- The legal method
- The historical method
What does the scientific method involve?
What does the scientific method involve?
- Analyzing data before posing a question
- Evaluating the hypothesis before developing it
- Developing speculations and theories without evidence
- Conducting studies to collect information (correct)
Why do economists need a set of tools?
Why do economists need a set of tools?
- To complicate decisions
- To simplify economic events (correct)
- To avoid examining economic events
- To complicate economic events
What is the main purpose of graphs for economists?
What is the main purpose of graphs for economists?
What is one step in the scientific method?
What is one step in the scientific method?
What is an economic model used for?
What is an economic model used for?
What is an economist's primary challenge when testing theories?
What is an economist's primary challenge when testing theories?
How do economists compensate for the lack of experimental data?
How do economists compensate for the lack of experimental data?
What did the repeal of the law on national maximum speed limit allow economists to do?
What did the repeal of the law on national maximum speed limit allow economists to do?
How do economists use graphs to simplify the complex world?
How do economists use graphs to simplify the complex world?
What do economists refer to as homo economicus?
What do economists refer to as homo economicus?
What is the primary purpose of an economic model?
What is the primary purpose of an economic model?
In which year did Congress repeal the law on national maximum speed limit?
In which year did Congress repeal the law on national maximum speed limit?
What is the significance of the curve in Graph 3 (Figure 1.3)?
What is the significance of the curve in Graph 3 (Figure 1.3)?
"One of an economist’s most important tools is the graph" can be found in which section of the text?
"One of an economist’s most important tools is the graph" can be found in which section of the text?
What type of line is considered a curve on a graph?
What type of line is considered a curve on a graph?
How did the repeal of the law on national maximum speed limit impact economists?
How did the repeal of the law on national maximum speed limit impact economists?
What is the rational-behavior model based on?
What is the rational-behavior model based on?
What does the rational-behavior model not deal with?
What does the rational-behavior model not deal with?
What does 'ceteris paribus' mean in the context of economics?
What does 'ceteris paribus' mean in the context of economics?
What is the purpose of using 'ceteris paribus' in economic models?
What is the purpose of using 'ceteris paribus' in economic models?
In what way do economic models aid in making predictions?
In what way do economic models aid in making predictions?
What is the theory behind the rational-behavior model?
What is the theory behind the rational-behavior model?
What does the rational-behavior model work well at predicting?
What does the rational-behavior model work well at predicting?
According to the passage, why do economists create models?
According to the passage, why do economists create models?
What does the invisible hand concept refer to?
What does the invisible hand concept refer to?
What does Adam Smith's description imply about the businessperson's intentions?
What does Adam Smith's description imply about the businessperson's intentions?
What is the primary purpose of economic models according to the passage?
What is the primary purpose of economic models according to the passage?
What is the invisible hand concept in Adam Smith's description?
What is the invisible hand concept in Adam Smith's description?
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