
Micro midterm chapter 2
Authored by Võ Châu
Other
1st Grade
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49 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
Which is the best statement about the way economists study the economy?
They study the past, but do not try to predict the future.
They devise theories, collect data, then analyze the data to test the theories.
They use a probabilistic approach based on correlations between economic events.
They use controlled experiments in much the same way a biologist or physicist does.
2.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
The scientific method can best be defined as
the use of modern electronic testing equipment in understanding the world.
the use of controlled experiments in understanding the way the world works.
the dispassionate development and testing of theories about how the world works.
finding evidence to support preconceived theories about how the world works.
3.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
Albert Einstein once made the following observation about science:
“In order to understand science, one must rely solely on abstraction.”
“The whole of science is nothing more than an interesting intellectual exercise.”
“The whole of science is nothing more than the refinement of everyday thinking.”
“In order to understand science, one must transcend everyday thinking.”
4.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
Sir Isaac Newton’s development of the theory of gravity after observing an apple fall from a tree is an example of:
controlled experiments used to develop scientific theories.
being in the right place at the right time.
an idea whose time had come.
the interplay between observation and theory in science.
5.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
The use of theory and observation is more difficult in economics than in sciences such as physics due to
the difficulty in actually performing an experiment in an economic system.
the difficulty in devising an economic experiment.
the difficulty in evaluating an economic experiment.
all of the above.
6.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
Because it is difficult for economists to use experiments to generate economic data,
they do without.
they use whatever data the world gives them.
they make up the data.
. they ask policymakers to conduct experiments for them.
7.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
The most common data for testing economic theories come from
carefully controlled and conducted laboratory experiments.
centrally planned economies.
traditional economies.
historical episodes of economic change.
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