Chapter 2
Thinking Like An Economist
TRUE/FALSE
1. Economists try to address their subject with a scientist’s objectivity.
ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economists MSC: Definitional
2. Economists devi theories, collect data, and then analyze the data in an attempt to verify or refute their
theories.
ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economists MSC: Definitional
3. The scientific method is the dispassionate development and testing of theories about how the world works. ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Scientific method MSC: Definitional
4. The scientific method can be applied to the study of economics.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Scientific method MSC: Interpretive
5. While the scientific method is applicable to studying natural sciences, it is not applicable to studying a
nation’s economy.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Scientific method MSC: Interpretive
6. For economists, conducting experiments is often difficult and sometimes impossible.
ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economists MSC: Definitional
7. Economists usually have to make do with whatever data the world happens to give them.
ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economists MSC: Definitional
8. It is difficult for economists to make obrvations and develop theories, but it is easy for economists to run
experiments to generate data to test their theories.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economists MSC: Interpretive
9. Since economists cannot u natural experiments offered by history, they must u carefully constructed
laboratory experiments instead.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economists MSC: Interpretive
10. Historical episodes are not valuable to economists.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economists MSC: Interpretive
49
50 Chapter 2/Thinking Like An Economist
11. Historical episodes allow economists to illustrate and evaluate economic theories of the prent.
ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economists MSC: Definitional
级别12. Good assumptions simplify a problem without substantially affecting the answer.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Assumptions MSC: Interpretive
13. Assumptions can simplify the complex world and make it easier to understand.
ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Assumptions MSC: Definitional
给自己的歌歌词
14. Economists often find it worthwhile to make assumptions that do not necessarily describe the real world. ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economists MSC: Interpretive
15. Economists u one standard t of assumptions to answer all economic questions.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: The study of economics and definitions of economics
TOP: Economists MSC: Interpretive
16. Economic models are most often compod of diagrams and equations.
ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Economic models MSC: Definitional
17. Economic models omit many details to allow us to e what is truly important.
ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Economic models MSC: Definitional
18. Economic models can help us understand reality only when they include all details of the economy.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Economic models MSC: Interpretive
19. An economic model can accurately explain how the economy is organized becau it is designed to include, to
the extent possible, all features of the real world.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Economic models MSC: Interpretive
20. All scientific models, including economic models, simplify reality in order to improve our understa
nding of it. ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Economic models MSC: Definitional
21. The circular-flow diagram explains, in general terms, how the economy is organized and how participants in
the economy interact with one another.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram MSC: Interpretive
22. A circular-flow diagram is a visual model of the economy.
ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram MSC: Definitional
23. In the circular-flow diagram, houholds and firms are the decision makers.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram MSC: Interpretive
24. In the circular-flow diagram, firms produce goods and rvices using the factors of production.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram | Factors of production MSC: Interpretive
25. In the circular-flow diagram, factors of production are the goods and rvices produced by firms.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram | Factors of production MSC: Interpretive
26. In the circular-flow diagram, factors of production include land, labor, and capital.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram | Factors of production MSC: Interpretive
27. In the circular-flow diagram, firms own the factors of production and u them to produce goods and rvices. ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram | Factors of production MSC: Interpretive
居住卡办理28. In the circular-flow diagram, firms consume all the goods and rvices that they produce.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram MSC: Interpretive
29. In the circular-flow diagram, the two types of markets in which houholds and firms interact are the markets
for goods and rvices and the markets for factors of production.
ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram MSC: Definitional
30. In the markets for goods and rvices in the circular-flow diagram, houholds are buyers and firms are llers. ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram MSC: Definitional
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31. In the markets for the factors of production in the circular-flow diagram, houholds are buyers and firms are
llers.
ANS: F DIF: 1 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram MSC: Definitional
32. In the circular-flow diagram, one loop reprents the flow of goods, rvices, and factors of production, and
the other loop reprents the corresponding flow of dollars.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram MSC: Interpretive
33. In the circular-flow diagram, one loop reprents the flow of goods and rvices, and the other loop reprents
the flow of factors of production.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram MSC: Interpretive
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52 Chapter 2/Thinking Like An Economist
34. In the circular-flow diagram, payments for labor, land, and capital flow from firms to houholds through the
markets for the factors of production.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Circular-flow diagram MSC: Interpretive
35. The production possibilities frontier is a graph that shows the various combinations of outputs that the
economy can possibly produce given the available factors of production and the available production
technology.
梦见小狗咬我ANS: T DIF: 1 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Definitional
Figure 2-14
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36. Refer to Figure 2-14. If this economy us all its resources in the dishwasher industry, it produces 35
dishwashers and no doghous.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Applicative
37. Refer to Figure 2-14. It is possible for this economy to produce 75 doghous.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Applicative
38. Refer to Figure 2-14. It is possible for this economy to produce 30 doghous and 20 dishwashers.ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Applicative
39. Refer to Figure 2-14. It is possible for this economy to produce 45 doghous and 30 dishwashers.ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Applicative
40. Refer to Figure 2-14. Given the technology available for manufacturing doghous and dishwashers, this
economy does not have enough of the factors of production to support the level of output reprented by point
C.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Applicative
41. Refer to Figure 2-14. Points A, B, and D reprent feasible outcomes for this economy.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Applicative
42. Refer to Figure 2-14. Points B and C reprent infeasible outcomes for this economy.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Applicative
43. Refer to Figure 2-14. Points A, B, and D reprent efficient outcomes for this economy.
ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier | Efficiency MSC: Applicative
44. Refer to Figure 2-14. Point B reprents an inefficient outcome for this economy.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier | Efficiency MSC: Applicative
45. Refer to Figure 2-14. Unemployment could cau this economy to produce at point B.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier | Unemployment MSC: Applicative
46. Refer to Figure 2-14. The opportunity cost of moving from point A to point D is 10 dishwashers. ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier | Opportunity cost MSC: Applicative
47. Refer to Figure 2-14. The opportunity cost of moving from point B to point D is 15 doghous. ANS: F DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier | Opportunity cost MSC: Applicative
48. Refer to Figure 2-14. The opportunity cost of moving from point B to point A is zero.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier | Opportunity cost MSC: Applicative
49. Refer to Figure 2-14. The opportunity cost of an additional doghou increas as more doghous are
produced.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier | Opportunity cost MSC: Applicative
50. With the resources it has, an economy can produce at any point on or outside the production possibilities
frontier, but it cannot produce at points inside the frontier.
ANS: F DIF: 1 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Definitional
51. Points inside the production possibilities frontier reprent feasible levels of production.
ANS: T DIF: 2 REF: 2-1运动会的英语作文
NAT: Analytic LOC: Understanding and applying economic models
俄罗斯超级联赛TOP: Production possibilities frontier MSC: Interpretive
52. Points outside the production possibilities frontier reprent infeasible levels of production.
ANS: T DIF: 2 REF: 2-1
NAT: Analytic LOC: Understanding and applying economic models
TOP: Production possibilities frontier MSC: Interpretive
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