EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 9780134516196
Author: BADE
Publisher: PEARSON CO
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Question
Chapter 1, Problem 7MCQ
To determine
The option that resonate with the use of models of scientific methods.
Expert Solution & Answer
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Check out a sample textbook solutionStudents have asked these similar questions
Economic models
a) are precise replication of the real world
b) answer virtually unlimited numbers of questions
c) result in normative statments
d) make assumptions to simplfy things in comparasionwith real world
Determine whether each of the following statements is positive or normative. (Remember that apositive statement isn’t necessarily correct; it justmakes a factual claim rather than a moral judgment.People who pay their bills on time are lesslikely than others to get into debt.b. Hard work is a virtue.c. Everyone should pay his or her bills on time.d. China has a bigger population than any othercountry in the world.e. China’s One-Child Policy (which limitsfamilies to one child each) helped to spur thecountry’s rapid economic growth.f. Lower taxes are good for the country
Normative economic statements?
a. contain value judgements
b. are usually irrational
c. are easily testable
d. violate the law of ceteris paribus
Chapter 1 Solutions
EBK FOUNDATIONS OF ECONOMICS
Ch. 1.A - Prob. 1SPPCh. 1.A - The spreadsheet in Table 1 provides data on the...Ch. 1.A - Prob. 3SPPCh. 1.A - Prob. 4SPPCh. 1.A - Draw a scatter diagram to show the relationship...Ch. 1.A - Draw a time-series graph of the quantity of music...Ch. 1.A - Prob. 3IAPCh. 1.A - Prob. 4IAPCh. 1.A - Prob. 5IAPCh. 1 - Prob. 1SPPA
Ch. 1 - Prob. 2SPPACh. 1 - Prob. 3SPPACh. 1 - Prob. 4SPPACh. 1 - Prob. 5SPPACh. 1 - Prob. 6SPPACh. 1 - Prob. 7SPPACh. 1 - Prob. 8SPPACh. 1 - Prob. 9SPPACh. 1 - Prob. 10SPPACh. 1 - Prob. 11SPPACh. 1 - Prob. 12SPPACh. 1 - Prob. 13SPPACh. 1 - Prob. 1IAPACh. 1 - Prob. 2IAPACh. 1 - Prob. 3IAPACh. 1 - Prob. 4IAPACh. 1 - Prob. 5IAPACh. 1 - Prob. 6IAPACh. 1 - Prob. 7IAPACh. 1 - Prob. 8IAPACh. 1 - Prob. 9IAPACh. 1 - Prob. 10IAPACh. 1 - Prob. 11IAPACh. 1 - Prob. 12IAPACh. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQ
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Similar questions
- Economic Models? a. are essential representations of the real world b. are used to explain how people think c. are never used for making economic projections or predictions d. are used to explain how people behavearrow_forwardWhat does a normative statement describe? A. how the world will be in the future B. how the world ought to be C. how the world is D. how the world was in the pastarrow_forward4. questions have to do with explanation and prediction, questions have to dowith what ought to be.(a) Positive; negative.(b) Negative; normative.(c) Affirmative; positive.(d) Positive; normative.(e) Econometric; theoretical.arrow_forward
- Normative statements are... A) Prescriptive, whereas positive statements are descriptive. B) Descriptive, whereas positive statements are prescriptive. C) Backward-looking, whereas positive statements are forward-looking. D) Forward-looking, whereas positive statements are backward-looking.arrow_forwardFast-and-frugal heuristics are hypotheses about how people ____ make decisions. 1. Normatively 2. Actually 3. Should 4. Don'tarrow_forwardWhat are the key elements of the scientific method and how does this method relate to economic principles and laws?arrow_forward
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