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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 devise theories, collect data, and then analyze these 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 observations 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 use natural experiments offered by history, they must use 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
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