1. Whichofthefollowingisnotcorrect?
a.
Economistsusesomefamiliarwordsinspecializedways.
b.
Economicshasitsownlanguageanditsownwayofthinking,butfewotherfieldsofstudydo.
c.
Supply,demand,elasticity,comparativeadvantage,consumersurplus,anddeadweightlossarealltermsthat
are
partoftheeconomistâslanguage.
d.
Thevalueoftheeconomistâslanguageliesinitsabilitytoprovideyouwithanewandusefulwayofthinking aboutthe
worldinwhichyoulive.
2. Economistsusesomefamiliartermsinspecializedways
a. tomakethesubjectsoundmorecomplexthanitis.
b. becauseeveryrespectablefieldofstudyhasitsownlanguage.
c. toprovideanewandusefulwayofthinking
abouttheworld.
d. becauseitwastoodifficulttocomeupwithnewterms.
3. Thelanguageofeconomicsis
a. needlesslyarcane.
b. valuablebecauseitprovidesanewandusefulwayoflearning
abouttheworld.
c. easytolearnwithinaday.
d. unnecessarytolearnforathorough
understandingofeconomics.
Multiple Choice â Section 01: The Economist as Scientist
1. Economists,likemathematicians,physicists,andbiologists,
a. makeuseofthescientificmethod.
b. trytoaddresstheirsubjectwithascientistâsobjectivity.
c. devisetheories,collectdata,andthenanalyzethesedatainanattempttoverifyorrefutetheirtheories.
d. Alloftheabovearecorrect.
2. Theessenceofscience
is
a. thelaboratoryexperiment.
b. thescientificmethod.
c. thestudyofnature,butnotthestudyofsociety.
d. Alloftheabovearecorrect.
3. Thescientificmethodis
a. theuseofmoderntechnologytounderstandthewaytheworldworks.
b. theuseofcontrolledlaboratoryexperimentstounderstandthewaytheworldworks.
c. thedispassionatedevelopmentandtestingoftheoriesabouthowtheworldworks.
d. thesearchforevidencetosupportpreconceivedtheoriesabouthowtheworldworks.
4. Thescientificmethodisapplicabletostudying
a. naturalsciences,butnotsocialsciences.
b. socialsciences,butnotnaturalsciences.
c. bothnaturalsciencesandsocialsciences.
d. Noneoftheaboveiscorrect.
5. Whosaid,”Thewholeofscienceisnothingmorethantherefinementofeverydaythinking”?
a. IsaacNewton
b. AlbertEinstein
c. AdamSmith
d. BenjaminFranklin
6. AlbertEinsteinoncemadethefollowingobservationaboutscience:
a. “Thewholeofscienceisnothingmorethantherefinementofeverydaythinking.”
b. “Thewholeofscienceisnothingmorethananinterestingintellectualexercise.”
c. “Inordertounderstandscience,onemustrelysolelyonabstraction.”
d. “Inordertounderstandscience,onemusttranscendeverydaythinking.”
7. SirIsaacNewton’sdevelopmentofthetheoryofgravityafterobservinganapplefallfromatreeisanexampleof
a. acontrolledexperimentthatleadtotheformulationofascientifictheory.
b. beingintherightplaceattherighttime.
c. anideawhosetimehadcome.
d. theinterplaybetweenobservationandtheoryinscience.
8. Whichofthefollowingstepsdoesaneconomisttakewhenstudyingtheeconomy?
a. devisetheories
b. collectdata
c. analyzedata
d. Alloftheabovearecorrect.
9. Whichofthefollowingisanexampleofusingthescientificmethodwithanaturalexperiment?
a. measuringhowlongittakesamarbletofallfromatenstorybuilding
b. comparingplantgrowthwithandwithoutasoiladditive
c. trackingthepriceofoilwhenawarintheMiddleEastinterruptstheflowofcrudeoil
d. observingthereactionwhentwochemicalsaremixedtogether
10.Thegoalofaneconomistwhoformulatesnewtheoriesisto
a.
provideaninterestingframeworkofanalysis,whetherornottheframeworkturnsouttobeofmuchusein understandinghowtheworldworks.
b. provokestimulatingdebateinscientificjournals.
c.
contributetoanunderstandingofhowtheworldworks.
d.
demonstratethateconomists,likeotherscientists,canformulatetestabletheories.
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