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Suppose two economists are arguing about policies that deal with unemployment. One economist says. The government could lower unemployment by one percentage point if it would just increase government spending by 50 billion dollars the other economist responds Nonsense and poppycock! If the government spent an additional 50 billion dollars it would reduce unemployment by only one tenth of one percent. and that effect would only be temporary! These economists ?
A. disagree because they have different values
B. Disagree because they have different scientific judgments
C. really don’t disagree at all. It just appears that they disagree
D. None of these answers
Which of the following issues is related to microeconomics ?
A. the impact of oil prices on car production
B. The impact of technology on economics growth
C. The impact of money on inflation
D. The impact of the deficit on saving
Positive statements are ?
C. statements of description that can be tested
D. Statements of prescription that involve value judgments.
Which of the following statements is normative ?
A. Large government deficits cause an economy to grow more slowly
B. Printing too much money causes inflation
C. The unemployment rate should be lower
D. People work harder if the wage is higher
Which of the following will not shift a country’s production possibilities frontier outward ?
A. an increase in the labor force
B. an advance in technology
C. an increase in the capital stock
D. a reduction in unemployment
Which of the following statements about microeconomics and macroeconomics is not true ?
A. The study of very large industries is a topic within macroeconomics
B. Microeconomics is a building block for macroeconomics
C. Macroeconomics is concerned with economy-wide phenomena
D. Microeconomics and macroeconomics cannot be entirely separated
Suppose two economists are arguing about policies that deal with unemployment One economist says the government should fight unemployment because it is the greatest social evil The other economist response Nonsense Inflation is the greatest social evil These economists ?
A. Really don’t disagree at all It just appears that they disagree.
B. Disagree because they have different values.
C. Disagree because they have different scientific judgments.
D. None of these answers.
In making which of the following statements is an economist acting more like a scientist ?
A. A reduction in unemployment benefits will reduce the unemployment benefits will reduce the unemployment rate.
B. The unemployment rate should be reduced because unemployment robs individuals of their dignity.
C. The rate of inflation should be reduced because it robs the elderly of their savings.
D. The state should increase subsidies to universities because the future of our country depends on education.
Economic growth is depicted by ?
A. a shift in the production possibilities frontier outward.
B. a shift in the production possibilities frontier inward
C. a movement from inside the curve toward the curve.
D. a movement along a production possibilities frontier toward capital goods.
Points on the production possibilities frontier are ?
Which of the following is not a factor of production ?
Which of the following is most likely to produce scientific evidence about a theory ?
A. An economist employed by the Trades union congress doing research on the impact of trade policy on workers’ wages
B. An economist permanently employed at a leading university analyzing the impact of bank regulations on lending to small businesses
C. A lawyer employed by Renault addressing the impact of air bags on passenger safety.
D. A radio talk show host collecting data from listeners on how capital markets respond to taxation
In which of the following cases is the assumption most reasonable ?
A. To address the impact of money growth on inflation, an economist assumes that money is strictly coins.
B. To address the impact to taxes on income distribution an economist assumes that everyone earns the same income.
C. To model the benefits of trade. an economist assumes that there are two people and two goods
D. To estimate the speed at which a beach ball falls, a physicist assumes that if falls in a vacuum.
Economic models are ?
A. useless if they are simple.
B. built with assumptions.
C. Usually made of wood and plastic
D. created to duplicate reality.
Which of the following statements regarding the circular-flow diagram is true ?
A. If BAe Systems sells a military aircraft, the transaction takes place in the market for factors for production
B. If Susan works for BAe Systems and receives a salary payment, the transaction takes place in the market for good and services.
C. None of these
D. The factors of production are owned by households
The scientific method requires that ?
A. the scientist be objective
B. only correct theories are tested
C. The scientific use precision equipment.
D. only theories are tested.
E. the scientist uses test tubes and have clean lab.