ECON102 Lecture Notes - Lecture 4: Political Philosophy, Scientific Method, Opportunity Cost
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18 Nov 2015
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2 roles of an economist: scientists try to explain the world. Make positive statements which attempt to describe the world as it is try to explain the world using models with appropriate assumptions use scientific method: dispassionate development & testing of theories about how world works. Interplay between theory and observation also occurs in the field of economics. An economist might be moved by an observation to develop a theory. To test this theory, the economist could collect and analyze data, and either doubt or feel confident with his theory. difficult to experiment in economics must use whatever data the world happens to give them. Positive vs. normative: positive statements can be confirmed or refuted by evidence are descriptive. Positive views about how the world works affect normative views about what policies are desirable. Yet, our normative conclusions can"t come from positive analysis alone they involve value judgments.
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21. The English word that comes from the Greek word for "one who manages a household" is
A- market
B- consumer
C- producer
D- economy
B- should be counted only to the extent that they are more expensive at college than elsewhere. C- usually exceed the opportunity cost of going to college. D- plus the cost of tuition, equals the opportunity cost of going to college. |
B- in most economies, wealthy people consume disproportionate quantities of goods and services. C- governments restrict the production of too many goods and services. D- resources are limited. |
B- markets guiding economic activity. Today many countries that did not have this system have implemented it. C- government guiding economic activity. Today many countries that had this system have abandoned it. D- government guiding economic activity. Today many countries that did not have this system have implemented it. |
B- we should agree with Senator Johnson. C- a good decision requires that we recognize both viewpoints. D- there are no tradeoffs between equity and efficiency. |
B- it does not matter if they charge $10 or $15. C- they would do better charging $15 than $10. D- they should raise the price even more. |
B- helps to explain how the economy is organized. C- incorporates all aspects of the real economy. D- Both (a) and (b) are correct. |
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B- grew rapidly, due to several increases in the minimum wage during those decades. C- grew rapidly, due to government policies that discouraged the importation of foreign products during those decades. D- grew slowly, due to the slow growth of the output of goods and services per hour of U.S. workers' time during those decades. |
Question 30. 30. For economists, statements about the world are of two types: |
A- assumptions and theories.
B- true statements and false statements.
C- specific statements and general statements.
D- positive statements and normative statements.