Question 1

To argue that economics is a partisan policy tool means that

Accepted Answer

A)  economics is being used without political considerations. 
B)  part of the policy is based on economic analysis. 
C)  economics is not always used objectively. 
D)  economics is used objectively. 
E)  economic analysis is always misleading. 
A)  economics is being used without political considerations. 
B)  part of the policy is based on economic analysis. 
C)  economics is not always used objectively. 
D)  economics is used objectively. 
E)  economic analysis is always misleading.

Question 2

Explain why there is the popular impression that economists seldom agree with each other.

Accepted Answer

First, even if 99 percent of the economi

Question 3

A mixed system is an economy with only private industries.

Accepted Answer

A) True 
 B)False

Question 4

All microeconomic issues are normative in nature.

Accepted Answer

A) True 
 B)False

Question 5

Identify whether the following issues are macroeconomic or microeconomic and explain why you categorized them in that way.

Accepted Answer

The answer of Identify whether the following issues are macroeconomic...

Question 6

To argue that economics is the only science not used objectively is

Accepted Answer

A)  true because only economics engages in politically controversial issues. 
B)  false because other sciences besides economics engage in politically controversial issues. 
C)  true because all other sciences use controlled experiments. 
D)  false because one's reasoning is either correct or incorrect. 
E)  false because none of the other sciences use controlled experiments. 
A)  true because only economics engages in politically controversial issues. 
B)  false because other sciences besides economics engage in politically controversial issues. 
C)  true because all other sciences use controlled experiments. 
D)  false because one's reasoning is either correct or incorrect. 
E)  false because none of the other sciences use controlled experiments.

Question 7

A microeconomic model must be much smaller in size than a macroeconomic model.

Accepted Answer

A) True 
 B)False

Question 8

A hypothesis is

Accepted Answer

A)  an alternative to using models. 
B)  a testable statement used to explain observations. 
C)  an untestable explanation used to explain observations. 
D)  a fact. 
E)  the same as a theory. 
A)  an alternative to using models. 
B)  a testable statement used to explain observations. 
C)  an untestable explanation used to explain observations. 
D)  a fact. 
E)  the same as a theory.

To argue that economics is a partisan policy tool means that

Explain why there is the popular impression that economists seldom agree with each other.

A mixed system is an economy with only private industries.

All microeconomic issues are normative in nature.

Identify whether the following issues are macroeconomic or microeconomic and explain why you categorized them in that way.

To argue that economics is the only science not used objectively is

A microeconomic model must be much smaller in size than a macroeconomic model.

A hypothesis is

The Central Idea

The Supply and Demand Model

Subtleties of the Supply and Demand Model: Price Floors, Price Ceilings, and Elasticity

The Demand Curve and the Behavior of Consumers

The Supply Curve and the Behavior of Firms

The Interaction of People in Markets

Costs and the Changes at Firms Over Time

The Rise and Fall of Industries

Monopoly

Product Differentiation, Monopolistic Competition, and Oligopoly

Antitrust Policy and Regulation

Labor Markets

Taxes, Transfers, and Income Distribution

Public Goods, Externalities, and Government Behavior

Capital and Financial Markets

Reading, Understanding, and Creating Graphs

Consumer Theory With Indifference Curves

Producer Theory With Isoquants

Filters

Exam 2: Observing and Explaining the Economy

To argue that economics is a partisan policy tool means that

Explain why there is the popular impression that economists seldom agree with each other.

A mixed system is an economy with only private industries.

All microeconomic issues are normative in nature.

Identify whether the following issues are macroeconomic or microeconomic and explain why you categorized them in that way.

To argue that economics is the only science not used objectively is

A microeconomic model must be much smaller in size than a macroeconomic model.

A hypothesis is

The Central Idea

The Supply and Demand Model

Subtleties of the Supply and Demand Model: Price Floors, Price Ceilings, and Elasticity

The Demand Curve and the Behavior of Consumers

The Supply Curve and the Behavior of Firms

The Interaction of People in Markets

Costs and the Changes at Firms Over Time

The Rise and Fall of Industries

Monopoly

Product Differentiation, Monopolistic Competition, and Oligopoly

Antitrust Policy and Regulation

Labor Markets

Taxes, Transfers, and Income Distribution

Public Goods, Externalities, and Government Behavior

Capital and Financial Markets

Reading, Understanding, and Creating Graphs

Consumer Theory With Indifference Curves

Producer Theory With Isoquants

Filters