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6. Sir Isaac Newton developed the theory of gravity after observing an apple fall from a tree. What is this
an example of?
a. a controlled experiment used to develop scientific theory
b. being in the right place at the right time
c. an idea whose time had come
d. the interplay between observation and theory in science
ANS: D PTS: 1 DIF: Average REF: 22-24
BLM: Remember NOT: Micro TB_2-6
7. What is a common thread between economics and other sciences, such as physics?
a. Experiments are most often conducted in a lab.
b. Real-world observations often lead to theories.
c. They deal with similar phenomena.
d. They deal primarily with abstract concepts.
ANS: B PTS: 1 DIF: Average REF: 22-23
BLM: Remember NOT: Micro TB_2-7
8. Why is the use of theory and observation more difficult in economics than in sciences, such as
physics?
a. It is difficult to evaluate an economic experiment.
b. It is difficult to devise an economic experiment.
c. It is difficult to actually perform an experiment in an economic system.
d. It is difficult to collect sufficient data.
ANS: C PTS: 1 DIF: Average REF: 22-24
BLM: Remember NOT: Micro TB_2-8
9. Because it is difficult for economists to use experiments to generate data, what must they generally do?
a. do without data
b. use whatever data the world gives them
c. select a committee of economists to make up data for all economists to use
d. use hypothetical, computer-generated data
ANS: B PTS: 1 DIF: Average REF: 22-24
BLM: Remember NOT: Micro TB_2-9
11. Which of the following is one difficulty economists face that some other scientists do not?
a. Unlike other sciences, economic studies must include the largest economic player, the
government.
b. Economists unfortunately receive less government funding than other scientists.
c. Corporations are reluctant to disclose necessary information for economic research.
d. Experiments are often difficult to conduct in economics.
ANS: D PTS: 1 DIF: Average REF: 22-24
BLM: Remember NOT: Micro TB_2-11
12. Where do the most common data for testing economic theories come from?
a. carefully controlled and conducted laboratory experiments
b. traditional economies
c. historical episodes of economic change
d. centrally planned economies
ANS: C PTS: 1 DIF: Average REF: 22-24
BLM: Remember NOT: Micro TB_2-12
13. For economists, what are often used as substitutes for laboratory experiments?
a. natural experiments offered by history
b. computer-generated experiments
c. studies conducted by other disciplines, such as sociologists
d. well-constructed simulations
ANS: A PTS: 1 DIF: Average REF: 22-24
BLM: Remember NOT: Micro TB_2-13
15. Which of the following does the art of scientific thinking include?
a. knowledge of human behaviour
b. understanding every scientific field, including physics, biology, and economics
c. deciding which assumptions to make
d. being able to mathematically express natural forces
ANS: C PTS: 1 DIF: Average REF: 23
BLM: Remember NOT: Micro TB_2-15
16. If an economist develops a theory about international trade based on the assumption that there are only
two countries and two goods, what is most likely?
a. The theory can be useful only in situations involving two countries and two goods.
b. It is a total waste of time, since the actual world has many countries trading many goods.
c. The theory can be useful in helping economists understand the complex world of
international trade involving many countries and many goods.
d. The theory can be useful in the classroom, but has no use in the real world.
ANS: C PTS: 1 DIF: Average REF: 23
BLM: Higher Order NOT: Micro TB_2-16
20. When economists attempt to simplify the real world and make it easier to understand, what do they
do?
a. They make assumptions.
b. They make mistakes in judgment.
c. They make predictions.
d. They make evaluations.
ANS: A PTS: 1 DIF: Easy REF: 23
BLM: Remember NOT: Micro TB_2-20
Note.—Only the appropriations from which war expenditures were made are included in the
above.
NATIONAL DEBTS, EXPENDITURE AND
COMMERCE, PER CAPITA.
Country. Annual
Debt per expenditure per Annual imports Annual exports
head. head. per head. per head.
Argentine
Republic $39.07 $12.04 $20.31 $25.66
Austria-
Hungary 5.73 1.63 7.19 5.70
Austria
proper 65.26 9.29
Hungary
proper 17.68 7.53
Belgium 48.08 10.13 53.41 46.06
Bolivia 10.04 2.58 3.30 2.08
Brazil 36.43 6.70 8.71 10.31
Canada 31.16 6.69 25.87 24.94
Chili 24.49 10.66 18.21 17.95
Colombia 5.22 .94 2.35 3.38
Denmark 27.19 6.83 26.31 17.95
Ecuador 20.20 24.36 8.77 4.51
Egypt 85.82 10.42 5.52 12.94
France 127.23 14.07 24.17 26.05
German
Empire .70 3.15 21.54 14.21
Prussia 10.55 6.33
Great Britain
and Ireland 114.62 12.35 59.11 40.59
Greece 27.50 5.35 16.49 10.30
India, British 3.01 1.42 .93 1.48
Italy 71.94 10.12 9.67 8.85
Mexico 42.63 2.68 3.13 3.41
Netherlands 101.21 11.37 71.27 67.70
Norway 7.48 5.91 28.77 18.77
Paraguay 54.72 3.39 2.55 2.74
Peru 79.82 12.62 14.02
Portugal 96.84 6.70 8.60 5.97
Roumania 11.82 3.85 3.19 5.60
Russia 26.33 4.83 4.22 3.23
Servia 3.61 1.43 4.58 4.06
Spain 142.71 7.83 3.96 4.48
Sweden 8.86 4.93 19.39 14.11
Switzerland 2.25 3.08
Turkey 31.70 4.38 2.23 1.59
United States 52.56 6.13 12.64 15.40
Uruguay 98.00 15.28 40.25 38.09
Venezuela 35.11 2.04 6.72 9.52
STATEMENT
Average Values of Gold in United States Paper Currency in the New York
Market from the Suspension to the Resumption of Specie Payments, during the
period of Seventeen Years, from 1862 to 1878, both inclusive—Prepared for the
U. S. Treasury Department by E. B. Elliott.
Table showing the Average Value in Currency of One Hundred Dollars in Gold
in the New York Market, by Months, Quarter-years, Half-years, Calendar
Years, and Fiscal Years, from January 1, 1862, to December 31, 1878, both
inclusive.
PERIODS. 1862. 1863. 1864. 1865. 1866. 1867. 1868. 1869.
January 102.5 145.1 155.5 216.2 140.1 134.6 138.5 135.6
February 103.5 160.5 158.6 205.5 138.4 137.4 141.4 134.4
March 101.8 154.5 162.9 173.8 130.5 135. 139.5 131.3
April 101.5 151.5 172.7 148.5 127.3 135.6 138.7 132.9
May 103.3 148.9 176.3 135.6 131.8 137. 139.6 139.2
June 106.5 144.5 210.7 140.1 148.7 137.5 140.1 138.1
July 115.5 130.6 258.1 142.1 151.6 139.4 142.7 136.1
August 114.5 125.8 254.1 143.5 148.7 109.8 145.5 134.2
September 118.5 134.2 222.5 143.9 145.5 143.4 143.6 136.8
October 128.5 147.7 207.2 145.5 148.3 143.5 137.1 130.2
November 131.1 148. 233.5 147. 143.8 139.6 134.4 126.2
December 132.3 151.1 227.5 146.2 136.7 134.8 135.2 121.5
First quarter-year 102.6 153.4 159. 198.5 136.3 135.7 139.8 133.8
Second quarter-year 103.8 148.3 186.6 141.4 135.9 136.7 139.5 136.7
Third quarter-year 116.2 130.2 244.9 143.2 148.6 141.2 143.9 135.7
Fourth quarter-year 130.6 148.9 222.7 146.2 142.9 139.3 135.6 126.
First half-year 103.2 150.8 172.8 169.9 136.1 136.2 139.6 135.3
Second half-year 123.4 139.6 233.8 144.7 145.8 140.3 139.8 130.8
Calendar year 113.3 145.2 203.3 157.3 140.9 138.2 139.7 133.
Fiscal year ended June
30 137.1 156.2 201.9 140.4 141. 139.9 137.5
PERIODS. 1870. 1871. 1872. 1873. 1874. 1875. 1876. 1877. 1878.
January 121.3 110.7 109.1 112.7 111.4 112.5 112.8 106.3 102.1
February 119.5 111.5 110.3 114.1 112.3 114.5 113.4 105.4 102.
March 112.6 111. 110.1 115.5 112.1 115.5 114.3 104.8 101.2
April 113.1 110.6 111.1 117.8 113.4 114.8 113. 106.2 100.6
May 114.7 111.5 113.7 117.7 112.4 115.8 112.6 106.9 100.7
June 112.9 112.4 113.9 116.5 111.3 117. 112.5 105.4 100.8
July 116.8 112.4 114.3 115.7 110. 114.8 111.9 105.4 100.5
August 117.9 112.4 114.4 115.4 109.7 113.5 111.2 105. 100.6
September 114.8 114.5 113.5 112.7 109.7 115.8 110. 103.3 100.4
October 112.8 113.2 113.2 108.9 110. 116.4 109.7 102.8 100.6
November 111.4 111.2 112.9 108.6 110.9 114.7 109.1 102.8 100.2
December 110.7 109.3 112.2 110. 111.7 113.9 109.8 102.8 100.1
First quarter-year 117.8 111.1 109.8 114.1 111.9 114.2 113.5 105.5 101.7
Second quarter-year 113.6 111.5 112.9 117.3 112.4 115.9 112.7 106.2 100.7
Third quarter-year 116.5 113.1 114.1 114.6 109.8 114.7 111. 104.6 101.5
Fourth quarter-year 111.6 111.2 112.8 109.2 110.9 115. 108.9 102.8 101.3
First half-year 115.7 111.3 111.4 115.7 112.2 115.1 113.1 105.9 101.2
Second half-year 114. 121.1 113.4 111.9 110.3 114.8 109.9 103.7 100.4
Calendar year 114.9 111.7 112.4 113.8 111.2 114.9 111.5 104.8 100.8
Fiscal year ended
June 30 123.3 112.7 111.8 114.6 112. 112.7 113.9 107.9 102.8
CHRONOLOGICAL POLITICS.