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1、Chapter 2 Thinking Like an EconomistsTRUE OR FALSE1. Economists devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories. (T)2. While the scientific method is applicable to studying natural sciences, it is not applicable to studying a nations econom
2、y. (F)3. It is difficult for economists to make observations and develop theories, but it is easy for economists to run experiments to generate data to test their theories. (F)4. Good assumptions simplify a problem without substantially affecting the answer. (T)5. Assumptions can simplify the comple
3、x world and make it easier to understand. (T)6. Economic models omit many details to allow us to see what is truly important. (T)7. The circular-flow diagram explains, in general terms, how the economy is organized and how participants in the economy interact with one another. (T)8. In the circular-
4、flow diagram, households and firms are the decision makers. (T)9. In the circular-flow diagram, factors of production are the goods and services produced by firms. (F)10. In the circular-flow diagram, firms own the factors of production and use them to produce goods and services. (F)11. In the circu
5、lar-flow diagram, one loop represents the flow of goods and services, and the other loop represents the flow of factors of production. (F)12. The production possibilities frontier is a graph that shows the various combinations of outputs that the economy can possibly produce given the available fact
6、ors of production and the available production technology. (T)13. Refer to Figure 2-1, if this economy uses all its resources in the dishwasher industry, it produces 35 dishwashers and no doghouses. (T)Figure 2-114. Refer to Figure 2-1, it is possible for this economy to produce 75 doghouses. (F)15.
7、 Refer to Figure 2-1, it is possible for this economy to produce 30 doghouses and 20 dishwashers. (T)16. Refer to Figure 2-1, it is possible for this economy to produce 45 doghouses and 30 dishwashers. (F)17. Refer to Figure 2-1, unemployment could cause this economy to produce at point B. (T)18. Re
8、fer to Figure 2-1, the opportunity cost of moving from point A to point D is 10 dishwashers. (T)19. Refer to Figure 2-1, the opportunity cost of moving from point B to point D is 15 doghouses. (F)20. Refer to Figure 2-1, the opportunity cost of an additional doghouse increases as more doghouses are
9、produced. (T)21. If an economy can produce more of one good without giving up any of another good, then the economys current production point is inefficient. (T)22. When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the second good increases
10、 as more of the second good is produced. (F)23. A production possibilities frontier will be bowed outward if some of the economys resources are better suited to producing one good than another. (T)24. While the production possibilities frontier is a useful model, it cannot be used to illustrate econ
11、omic growth. (F)25. Microeconomics is the study of how households and firms make decisions and how they interact in specific markets. (T)26. Macroeconomics is the study of economy-wide phenomena. (T)27. Economists acting as scientists make positive statements, while economists acting as policy advis
12、ers make normative statements. (T)28. Normative statements describe how the world is, while positive statements prescribe how the world should be. (F)29. Other things equal, an increase in supply causes a decrease in price is a normative statement, not a positive statement. (F)30. There is only one
13、explanation for why economists give conflicting advice on policy issues, and it is that they have different values about what policy should try to accomplish. (F)31. The slope of a line is equal to the change in the x-variable divided by the change in the y-variable. (F)Chapter 3 Interdependence And
14、 The Gains From TradeTRUE OR FALSE1. Interdependence among individuals and interdependence among nations are both based on the gains from trade. (T)2. If a person chooses self-sufficiency, then she can only consume what she produces. (T)3. If Wrex can produce more math problems per hour and more boo
15、k reports per hour than Maxine can, then Wrex cannot gain from trading math problems and book reports with Maxine. (F)4. Trade allows a country to consume outside its production possibilities frontier. (T)5. Opportunity cost refers to how many inputs a producer requires to produce a good. (F)6. Oppo
16、rtunity cost measures the trade-off between two goods that each producer faces. (T)7. For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunity cost of the other good. (T)8. If one producer has the absolute advantage in the production of all goods, then that same producer will have the comparative advantage in the production of all goods as well. (F)
