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Chapter2-problem set (answers).pdf

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ECON 102
Richard Ennis

Chapter 2Thinking Like an Economist 1 What is meant by scientific method a the use of modern electronic testing equipment to understand the world b the dispassionate development and testing of theories about how the world works c the use of controlled experiments in understanding the way the world works d finding evidence to support preconceived theories about how the world works ANS B2 Why do economists make assumptions a to diminish the chance of wrong answers b to make the world easier to understand c because all scientists make assumptions d to make certain that all necessary variables are included ANS B3 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 evaluationsANS A4 Why do economists use models a to learn how the economy works b to make their profession appear more precise c to make economics accessible to the public d to make sure that all of the details of the economy are included in their analysis ANS A5 What is a circularflow diagram a a visual model of how the economy is organized b a mathematical model of how the economy works c a model that shows the effects of government on the economy d a visual model of the relationship among money prices and businesses ANS A
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