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Exam 2: Thinking Like an Economist

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Question 21

True/False

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Microeconomics and macroeconomics are closely intertwined.

A) True
B) False

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Question 22

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If a line passes through the points (20,5) and (10,10), then the slope of the line is -2.

A) True
B) False

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Question 23

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Table 2-3 ​ -Refer to Table 2-3. Based on the values in the table, the production possibilities frontier is

The use of theory and observation is more difficult in economics than in sciences such as chemistry due to the difficulty in

Figure 2-3 -Refer to Figure 2-3. This economy cannot currently produce 80 forks and 80 knives because

Most economists agree that a large federal budget deficit has what type of effect on the economy?

Economic models are most often composed of diagrams and equations.

The three main factors of production, or categories of inputs, used by firms to produce goods and services are

In the early 19th century, the Russian government sent doctors to southern Russian villages to provide assistance during a cholera epidemic. The villagers noticed that wherever doctors appeared, people died. Therefore, many doctors were chased away from villages, and some were even killed. This reaction to the correlation between doctors and deaths is most likely a problem of

Microeconomics is the study of how households and firms make decisions and how they interact in specific markets.

When recommending specific policies to undertake, economists make

Economists work both inside and outside the administrative branch of the U.S. government.

Who would be more likely to study the effects of foreign competition on the accounting industry, a macroeconomist or a microeconomist?

Since economists cannot use natural experiments offered by history, they must use carefully constructed laboratory experiments instead.

Economists may disagree about the validity of alternative positive theories about how the world works.

The Congressional Budget Office, which is staffed by economists, provides Congress with independent evaluations of policy proposals.

Economists often find it worthwhile to make assumptions that do not necessarily describe the real world.

A survey of professional economists revealed that more than three-fourths of them agreed with fourteen economic propositions. Which of the following is not one of those propositions?

According to John Maynard Keynes, an economist must possess a rare combination of skills including being a mathematician, historian, statesman, and philosopher.

For economists, conducting experiments is often difficult and sometimes impossible.