MicroEconomics Week2

What is the primary difference between natural sciences and social sciences?

• Natural sciences study the natural world, while social sciences study human behavior.

• Both sciences use the same methods and tools.

• Natural sciences are more accurate than social sciences.

• Social sciences are more subjective than natural sciences.

Which of the following is NOT a principal use of economic models?

• Explanation

• Prediction

• Control

• Description

The term "ceteris paribus" means:

• All other things being equal.

• The situation is changing.

• It's a complex problem.

• There are multiple variables.

A hypothesis in economics is:

• A proven fact.

• A testable statement about a relationship.

• A theory that has been accepted for many years.

• A guess without any evidence.

What is the likely consequence of setting a minimum wage above equilibrium?

• Increased employment

• Lower prices for goods and services

• Increased unemployment

• No change in the labor market

Which of the following is a challenge faced by economists compared to physicists?

• Simpler phenomena

• More controlled experiments

• More complex subjects

• Less data

Where can economic experiments be conducted?

• Only in laboratories

• Only in real-world settings

• In both laboratories and real-world settings

• Neither laboratories nor real-world settings

Social sciences primarily rely on which of the following methods?

• Experimentation

• Observation

• Surveys and interviews

• Mathematical equations

Economic models are used to:

• Predict future events

• Control economic outcomes

• Replace real-world data

• Simplify complex problems

A major difference between natural and social sciences is:

• The objectivity of their study

• The complexity of their subject matter

• The use of scientific methods

• The reliance on experimentation