Question 1

Economist Joseph Schumpeter coined the phrase "creative destruction" to describe the process by which

Accepted Answer

A)  the government destroys the failing markets that caused an economic crisis.
B)  innovation and enterpreneurial initiative have great power to drive economic growth.
C)  economists destroy long-held beliefs about how markets function.
D)  free markets need government intervention to create economic growth.E) A) and B)
F) A) and C)

Question 2

There is only one 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.

Accepted Answer

A) True 
 B)False

Question 3

In conducting their research,economists often substitute historical events and historical episodes for

Accepted Answer

A)  theories and observations.
B)  laboratory experiments.
C)  models.
D)  assumptions.E) A) and C)
F) All of the above

Question 4

A macroeconomist,rather than a microeconomist,would study the effects on a market from two firms merging.

Accepted Answer

A) True 
 B)False

Question 5

When a relevant variable that is not named on either axis changes,

Accepted Answer

A)  there will be a movement along the curve.
B)  the curve will rotate clockwise.
C)  the curve will be unaffected since only the variables on the axis affect the curve.
D)  the curve will shift.E) A) and D)
F) A) and B)

Exam 2: Thinking Like an Economist

There is only one 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.

Correct Answer
verified

When a relevant variable that is not named on either axis changes,

Correct Answer
verified

A macroeconomist,rather than a microeconomist,would study the effects on a market from two firms merging.

Correct Answer
verified

Economist Joseph Schumpeter coined the phrase "creative destruction" to describe the process by which

Correct Answer
verified

In conducting their research,economists often substitute historical events and historical episodes for

Correct Answer
verified

Exam 2: Thinking Like an Economist

There is only one 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.

Correct AnswerverifiedShow Answer

When a relevant variable that is not named on either axis changes,

Correct AnswerverifiedShow Answer

A macroeconomist,rather than a microeconomist,would study the effects on a market from two firms merging.

Correct AnswerverifiedShow Answer

Economist Joseph Schumpeter coined the phrase "creative destruction" to describe the process by which

Correct AnswerverifiedShow Answer

In conducting their research,economists often substitute historical events and historical episodes for

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified