Disagreements among economists stem from normative issues

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Reference no: EM132289652

1. As resources are abundant, we do not have to make choices about their use.

True False

2. When two variables repeatedly change at the same time, there must be a causal relationship between them.

True

False

3. Ceteris paribus is a Latin expression that means "holding everything else constant."

True

False

4. To be a positive economic statement, an assertion must be true.

True

False

5. The fallacy of composition states that even if something is true for an individual, it is not necessarily true for many individuals as a group.

True

False

6. Most disagreements among economists stem from normative issues.

True

False

7. Normative analysis focuses on statements that can be tested against data.

True

False

8. ?The central question in economics is how to:

regulate the supply of money in an economy.

?make the best use of scarce resources to satisfy our unlimited wants.

?reduce the demands of individuals, businesses, and governments.

?find more resources to satisfy everyone's wants.

?restrict the role of the government in economic activities.

9. Which of the following forces us to choose among alternatives?

?Marginal utility

?Scarcity

?Deflation

?Rational ignorance

?The fallacy of composition

10. When one basketball team spends a large sum of money acquiring better players, it is better off. If all teams do the same thing, all of them will be better off." These statements demonstrate:

?the fallacy of composition

?the fallacy that association is causation.

?a misunderstanding of the direction of causality.

?the ceteris paribus condition

the rational expectations theory.

11. When one basketball team spends a large sum of money acquiring better players, it is better off. If all teams do the same thing, all of them will be better off." These statements demonstrate:

?the fallacy of composition

?the fallacy that association is causation.

?a misunderstanding of the direction of causality.

?the ceteris paribus condition

?the rational expectations theory.

12. When one basketball team spends a large sum of money acquiring better players, it is better off. If all teams do the same thing, all of them will be better off." These statements demonstrate:

?the fallacy of composition

?the fallacy that association is causation.

?a misunderstanding of the direction of causality.

?the ceteris paribus condition

?the rational expectations theory.

Reference no: EM132289652

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