Econ quiz 2

In the ordered pair (3, 6), 3 is the

x-cordinate

Economists speaking like scientists make

. claims about how the world is.

The art in scientific thinking -- whether in chemistry, economics, or biology -- is

. deciding which assumptions to make.

Sometimes economists disagree because their scientific judgments differ. Which of the following instances best reflects this source of disagreement?

.One economist believes the government should tax a household's income; another economist believes the government should tax a household's consumption.

Table 2-5 shows one set of production possibilities. Which of the following combinations of corn and wheat is not currently attainable but would be attainable if there was an improvement in overall production technology?

1000 bushels of corn and 2000 bushels of wheat

How did the influential economist John Maynard Keynes explain his remark that though economics is an easy subject compared with the higher branches of philosophy or pure science, it is a subject at which few excel?

Good economists must possess a rare combination of gifts.

Yi and Avik are both economists. Yi thinks that taxing consumption, rather than income, would result in higher household saving because income that is saved would not be taxed. Avik does not think that household saving would respond much to a change in the tax laws. In this example, Yi and Avik

More than one of the above is correct.

Which of the following is not correct?

Normative statements can be judged using data alone.

Who said, "The whole of science is nothing more than the refinement of everyday thinking"?

albert Einstein

Which of the following is one of the basic reasons why economists often appear to give conflicting advice to policymakers?

differences in personal values

Another term for factors of production is

inputs

Positive statements are not

prescriptive.

Which of the following is not held constant when looking at an individual's demand curve?

price

. Boxes C and D of this circular-flow diagram represent

the markets for goods and services and the markets for factors of production.