Economists, like mathematicians, physicists, and biologists,
A. make use of the scientific method.
B. try to address their subject with a scientist’s objectivity.
C. devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories.
D. All of the above are correct.
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Economists face an obstacle that many other scientists do not face. What is that obstacle?
A. It is often difficult to formulate theories in economics.
B. It is often difficult and sometimes impossible to perform experiments in economics.
C. Economics cannot be addressed objectively; it must be addressed subjectively.
D. The scientific method cannot be applied to the study of economics.
Economists make assumptions to
A. provide issues for political discussion.
B. make a complex world easier to understand.
C. make it easier to teach economic concepts and analysis.
D. create policy alternatives that are incomplete or subject to criticism.
A circular-flow model and production possibilities frontier are similar in that
A. neither allows economic analysis to occur.
B. neither can be represented visually on a graph.
C. both make use of assumptions.
D. both make use of complex equations to arrive at solutions.
In building economic models, economists often omit
A. assumptions.
B. theories.
C. details.
D. equations.
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