Review Quiz On Economics And Economists! Trivia Quiz

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| By Dan_tinagan
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Dan_tinagan
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Quizzes Created: 8 | Total Attempts: 4,415
| Attempts: 477
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  • 1/36 Questions

    An outcome is said to be efficient if the economy is getting all it can from the scarce resources it has available. 

    • True
    • False
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Choose the BEST answer. Read the explanation if there is.

Review Quiz On Economics And Economists! Trivia Quiz - Quiz

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  • 2. 

    Economists use models which are often composed of diagrams and equations. 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Economists use models composed of diagrams and equations to represent and analyze economic situations. These models help economists understand and predict the behavior of individuals, firms, and markets. Diagrams visually represent relationships and interactions between economic variables, while equations mathematically express these relationships. By using models, economists can simplify complex economic systems and make predictions about how changes in variables will affect outcomes. Therefore, the statement "Economists use models which are often composed of diagrams and equations" is true.

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  • 3. 

    Economists use different assumptions when studying the short-run and long-run effects of a change in the quantity of money. 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Economists use different assumptions when studying the short-run and long-run effects of a change in the quantity of money. This is true because the short-run effects of a change in the quantity of money are often characterized by sticky prices and wages, which means that they do not adjust immediately to changes in the money supply. In the short-run, changes in the quantity of money can have real effects on output and employment. In contrast, the long-run effects of a change in the quantity of money are primarily determined by changes in the price level. In the long-run, prices and wages are more flexible, and changes in the money supply primarily affect the price level rather than real variables.

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  • 4. 

    Economists, like astronomers and evolutionary biologists, usually have to make do with whatever data the world happens to give them.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    This statement suggests that economists, similar to astronomers and evolutionary biologists, have to work with the data that is available to them. It implies that economists cannot always have access to perfect or ideal data, but they still have to make use of whatever information is provided to them in order to conduct their research and analysis. Therefore, the answer is true.

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  • 5. 

    The economy can produce at any point on or inside the production possibilties frontier, but it cannot produce at points outside the frontier. 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement is true because the production possibilities frontier represents the maximum potential output of an economy given its resources and technology. Any point on or inside the frontier represents a combination of goods and services that can be produced efficiently. However, points outside the frontier are unattainable with the current resources and technology. Therefore, the economy can only produce at points on or inside the production possibilities frontier.

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  • 6. 

    The production possibilities frontier shows the trade-off between the outputs of different goods at a given time, but the trade-off can change over time.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The production possibilities frontier is a graphical representation of the maximum output combinations of two goods that an economy can produce with its given resources and technology. It illustrates the trade-off between producing different goods at a given time. However, this trade-off is not fixed and can change over time due to various factors such as technological advancements, changes in resource availability, or shifts in consumer preferences. Therefore, it is true that the trade-off depicted by the production possibilities frontier can change over time.

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  • 7. 

    Economics is a young science, and there is still much to be learned. 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Economics being a young science implies that there is still a lot of knowledge to be acquired and understood in the field. This statement suggests that there are ongoing advancements and discoveries to be made, indicating that there is still much to learn in economics. Therefore, the answer "True" is appropriate as it aligns with the idea that economics is a continuously evolving discipline with more to be explored.

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  • 8. 

    Which of the choices is not a role of an economist as a scientist?

    • Devise theories

    • Collect data

    • Analyze data

    • Generalize trends

    Correct Answer
    A. Generalize trends
    Explanation
    An economist as a scientist is responsible for devising theories, collecting data, and analyzing data. However, generalizing trends is not considered a role of an economist as a scientist. Generalizing trends involves making broad statements or conclusions about patterns observed in the data, which is more commonly associated with the role of an economist as a policy advisor or communicator rather than as a scientist.

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  • 9. 

    All models are built with assumptions. 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Models are constructed based on certain assumptions, which are simplified representations of reality. These assumptions help to simplify complex systems and make them more manageable for analysis and interpretation. Therefore, it is true that all models are built with assumptions.

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  • 10. 

    Because microeconomics and macroeconomics adress different questions, each field has its own set of models.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Microeconomics and macroeconomics are two branches of economics that focus on different aspects of the economy. Microeconomics studies the behavior of individual economic agents such as households and firms, while macroeconomics examines the overall performance and behavior of the entire economy. Due to these different focuses, each field requires its own specific models and theories to analyze and understand the economic phenomena being studied. Therefore, the statement that "each field has its own set of models" is true.

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  • 11. 

    Markets and environment are two different fields that don't depend on each other.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    In fact, markets can help achieve environmental goals.

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  • 12. 

    To find substitute for laboratory experiments, economists manipulate people to garner data. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    economists pay close attention to the natural experiments offered by history.

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  • 13. 

    The art of thinking - whether in physics, biology, or economics - is by erasing all the assumptions made. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    it is by deciding which assumptions to make.

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  • 14. 

    It is possible to understand the macroeconomic developments without considering the associated microeconomic decisions. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    It is impossible.

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  • 15. 

    Graphs cannot be used by economists to determine the causality of events. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Economists use graphs to argue about how one set of events causes another set of events.

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  • 16. 

    Deciding what is good or bad policy is a matter of science.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    It is not just a matter of science. It involves our views on ethics, religion, and political philosophy.

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  • 17. 

    A graph where in the Y axis is: Risk of Cancer and the X axis: Number of Lighters in the House is an example of Omitted Variables.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    This statement is true because the given graph shows a relationship between the risk of cancer and the number of lighters in the house. However, it does not consider other variables that could affect the risk of cancer, such as smoking habits, exposure to carcinogens, or genetic factors. Omitted variables refer to factors that are not included in the analysis but could have an impact on the relationship being studied. Therefore, this graph is an example of omitted variables as it only considers one variable (number of lighters) while ignoring other potential factors that could influence the risk of cancer.

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  • 18. 

    An economist's model include every feature of the economy. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    it does not include every feature of the economy.

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  • 19. 

    The production possibilities frontier simplifies a complex economy to highlight some basic put fowerful ideas except:

    • Economic growth

    • Trade-offs

    • Inflation

    • Opportunity cost

    • Scarcity

    Correct Answer
    A. Inflation
    Explanation
    The production possibilities frontier is a graphical representation of the maximum output an economy can produce given its resources and technology. It helps to illustrate the concept of scarcity and trade-offs, as it shows the different combinations of goods and services that can be produced. Economic growth, opportunity cost, and scarcity are all concepts that the production possibilities frontier can effectively highlight. However, inflation is not directly related to the production possibilities frontier as it represents a general increase in prices over time.

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  • 20. 

    Economists don't disagree about the validity of alternative positive theories about how the world works.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    They may disagree about it.

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  • 21. 

    Economists have the same valuesand therefore the same normative views about what policy should try to accomplish. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Economists may have different values and therefore different normative views about what policy should try to accomplish.

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  • 22. 

    If we were to graph party times and grades, it will have a positive correlation. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    It will have a negative correlation.

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  • 23. 

    DEMAND CURVE There is a simple way to tell when it is necessary to shift a curve: whena variable that is not named on either axis changes, the curve shifts.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The explanation for the given correct answer is that when a variable that is not named on either axis changes, it causes a shift in the curve. This means that if a factor or variable that affects the demand curve, such as income or consumer preferences, changes, it will result in a shift of the demand curve. Therefore, the statement that it is necessary to shift a curve when a variable that is not named on either axis changes is true.

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  • 24. 

    The graph where in the X axis is: Police Officers and the Y axis: Violent crimes is an example of Omitted Variables. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    It is an example of Reverse Causality.

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  • 25. 

    Exports go up especially if the global market is in crisis. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Exports go down.

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  • 26. 

    In economics, conducting an experiment is often difficult but not impossible.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    It is sometimes impossible.

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  • 27. 

    Which of the following does not give inputs about the economy to the president of a country? 

    • Department of Treasury

    • Department of Labor

    • Department of Justice

    • Congressional Budget Office

    • Bureau of Food and Drugs

    • Federal Reserve

    Correct Answer
    A. Bureau of Food and Drugs
    Explanation
    The Bureau of Food and Drugs does not give inputs about the economy to the president of a country. This is because the Bureau of Food and Drugs primarily focuses on regulating and ensuring the safety of food and drugs in the country, rather than providing economic information or analysis.

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  • 28. 

    Economists always sound positive because of expectation. 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    That's what Sir said :))

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  • 29. 

    Assumptions often lead to hasty generalizations even if it simplifies things. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Assumptions can simplify the complex world and make it easier to understand.

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  • 30. 

    The circular-flow diagram dispenses signifcant details but aren't crucial for basic understanding of how the economy is organized.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The circular-flow diagram is a simplified representation of how goods, services, and money flow in an economy. While it provides important information about the interconnections between households, businesses, and the government, it is not essential for a basic understanding of how the economy is organized. Basic understanding can be achieved by grasping concepts such as supply and demand, the role of prices, and the functions of different economic agents. Therefore, the statement that the circular-flow diagram does not provide crucial details for basic understanding of the economy is true.

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  • 31. 

    Science is about measuring the world around us in sophisticated ways. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Science is a search for understanding about the world around us.

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  • 32. 

    Economy is the sum of all the firms and households. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Economy is the sum of the activities of all the decision makers in all the markets.

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  • 33. 

    Economists offer crucial inputs into the policy process which makes up the whole complex recipe. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Economists offer crucial input into the policy process, but their advice is only one ingredient of a complex recipe.

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  • 34. 

    Most economic models are built using diagrams. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Most economic models are built using tools of mathematics.

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  • 35. 

    To determine the direction of causality is to examine which variable moves second. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    which variable moves first.

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  • 36. 

    What are the two purposes of graphs?

    • Graphs offer a way to visually express ideas.

    • Graphs provide a powerful way of finding and interpreting patterns.

    • Graphs helps economists to look at the trends in the macroeconomic level.

    • Graphs helps simplify the complex phenomena in the economy.

    Correct Answer(s)
    A. Graphs offer a way to visually express ideas.
    A. Graphs provide a powerful way of finding and interpreting patterns.
    Explanation
    Graphs offer a way to visually express ideas, allowing information to be presented in a clear and concise manner. They provide a visual representation of data, making it easier for individuals to understand and interpret complex information. Additionally, graphs provide a powerful way of finding and interpreting patterns, allowing trends and relationships to be identified more easily. By visually representing data, graphs help simplify complex phenomena and allow economists to analyze and understand trends in the macroeconomic level.

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  • Current Version
  • Sep 10, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 26, 2011
    Quiz Created by
    Dan_tinagan
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