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- What is the difference between a positive and a normative statement?The world in which we live is complex and to understand it, human beings make use of some orother simplification process. A theory can accordingly be seen as an attempt to simplify things.Such an observation may come as a surprise to those who have often heard remarks to the effectthat such and such a theory is difficult, or at the least terribly complicated. We should neverthelessremind ourselves that a theory involves an attempt to simplify things – it is the world out there thatis the complicated entity. A particular theory (or model) is merely trying to reduce it to manageableproportions, at least as far as understanding our environment is concerned.”In economics, theory is presented in a simple form by making the…1.23a) Post hoc assumptionb) Fallacy of compositionc) Ceteris paribus assumptiond) Blinkered approach. Which of the following is the discipline that studies the use of statistical tools to estimate economic models? a. Mathematical economics b. Econometrics c. Macroeconomics d. Microeconomics
- When economists are trying to explain the world ,they are ut of Select one: uestion O a. All the answer are correct. O b. policy advisors O c. scientists d. auditors us page1. Economic models or theories... a are limited to variables that are directly (positively) related b. are simplifications of the real world they represent c. cannot be tested empirically d. are limited to variables that are inversely related Snroduction innuts thatPositive economics is Oa based only on true statements Ob. similar to normative economics O cobjective and fact based Od. based on opinions A Positive statement Oa is a statement of what is Obsastaterment of what ought to be Oc cannot be tested by checking it against the tacts Od None of these
- Do economists have any particular expertise atmaking normative arguments? In other words, they haveexpertise at making positive statements (i.e., what willhappen) about some economic policy, for example, butdo they have special expertise to judge whether or notthe policy should be undertaken?The scientific method requires that O a. scientists use test tubes and have clean labs O b. scientists be objective O c. scientists use precision equipment O d. only incorrect theories are tested O e. only correct theories are testedWhich of the following is an example of a normative statement? Select one: O a. An increase in the price of tea will decrease the amount of tea purchased. However, it will increase the amount of coffee purchased. b. The minimum wage led to increase unemployment and unskilled workers O c. None of the answers are correct O d. the inflation has increased in India by 50% in the past three years e. Reducing taxes have positive impact on the economic growth
- One tends to find that conventional economics mainly pays attention toSelect one:a. qualitative factors.b. human factors.c. quantitative factors.d. None of these e. psychological factors.3:51 A A . .l 63% O Applied Economics Mo... , 2 Scanned with Camscanner What I Can Do Identify keywords from a given economics word. 1. ECONOMICS 2. ECONOMICS as SOCIAL SCIENCE n.. afn-tnan | cuc. Annlied Fronomirs Ouarter 1: Module 1 Pae Scanned wth Ca e12. Why is it important for us to use models when studying economics?