Test Bank Brief Principles of Macroeconomics 7th Edition by Gregory Mankiw

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Which of the following is not correct? Economists use some familiar words in specialized ways. Economics has its own language and its own way of thinking, but few other fields of study do. Supply,... demand, elasticity, comparative advantage, consumer surplus, and deadweight loss are all terms that are part of the economist’s language. The value of the economist’s language lies in its ability to provide you with a new and useful way of thinking about the world in which you live. ANSWER: b POINTS: 1 DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension Economists use some familiar terms in specialized ways to make the subject sound more complex than it is. because every respectable field of study has its own language. to provide a new and useful way of thinking about the world. d. because it was too difficult to come up with new terms. ANSWER: c POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension The language of economics is needlessly arcane. valuable because it provides a new and useful way of learning about the world. easy to learn within a day. unnecessary to learn for a thorough understanding of economics. ANSWER: b POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension Multiple Choice – Section 01: The Economist as Scientist Economists, like mathematicians, physicists, and biologists, make use of the scientific method. try to address their subject with a scientist’s objectivity. devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories. All of the above are correct. ANSWER: d POINTS: 1 DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECON.MANK.15.6 - LO: 2-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension The essence of science is the laboratory experiment. the scientific method. the study of nature, but not the study of society. All of the above are correct. ANSWER: b POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON.MANK.15.6 - LO: 2-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: General Principles KEYWORDS: BLOOM'S: Knowledge The scientific method is the use of modern technology to understand the way the world works. the use of controlled laboratory experiments to understand the way the world works. the dispassionate development and testing of theories about how the world works. the search for evidence to support preconceived theories about how the world works. ANSWER: c POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON.MANK.15.6 - LO: 2-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: General Principles KEYWORDS: BLOOM'S: Knowledge The scientific method is applicable to studying natural sciences, but not social sciences. social sciences, but not natural sciences. both natural sciences and social sciences. None of the above is correct. ANSWER: c POINTS: 1 DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECON.MANK.15.6 - LO: 2-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: General Principles KEYWORDS: BLOOM'S: Comprehension Who said, "The whole of science is nothing more than the refinement of everyday thinking"? Isaac Newton Albert Einstein Adam Smith Benjamin Franklin ANSWER: b POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON.MANK.15.6 - LO: 2-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: General Principles KEYWORDS: BLOOM'S: Knowledge Albert Einstein once made the following observation about science: "The whole of science is nothing more than the refinement of everyday thinking." "The whole of science is nothing more than an interesting intellectual exercise." "In order to understand science, one must rely solely on abstraction." "In order to understand science, one must transcend everyday thinking." ANSWER: a POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON.MANK.15.6 - LO: 2-1 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: General Principles KEYWORDS: BLOOM'S: Knowledge [Show More]

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