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PAGE\*MERGEFORMAT34Chapter2/ThinkingLikeanEconomistChapter2/ThinkingLikeanEconomistPAGE\*MERGEFORMAT22PAGE\*MERGEFORMAT15SOLUTIONSTOTEXTPROBLEMS:QuickQuizzes1.Economicsislikeasciencebecauseeconomistsdevisetheories,collectdata,andanalyzethedatainanattempttoverifyorrefutetheirtheories.Inotherwords,economicsisbasedonthescientificmethod.Figure1showstheproductionpossibilitiesfrontierforasocietythatproducesfoodandclothing.PointAisanefficientpoint(onthefrontier),pointBisaninefficientpoint(insidethefrontier),andpointCisaninfeasiblepoint(outsidethefrontier).Figure1TheeffectsofadroughtareshowninFigure2.Thedroughtreducestheamountoffoodthatcanbeproduced,shiftingtheproductionpossibilitiesfrontierinward.Figure2Microeconomicsisthestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.Macroeconomicsisthestudyofeconomy-widephenomena,includinginflation,unemployment,andeconomicgrowth.2.Anexampleofapositivestatementis“highertaxesdiscourageworkeffort”(manyotheranswersarepossible).That’sapositivestatementbecauseitdescribestheeffectsofhighertaxes,describingtheworldasitis.Anexampleofanormativestatementis“thegovernmentshouldreducetaxrates.”Thatisanormativestatementbecauseit’saclaimabouthowtheworldshouldbe.PartsofthegovernmentthatregularlyrelyonadvicefromeconomistsaretheTreasuryDepartmentindesigningtaxpolicy,theDepartmentofLaborinanalyzingdataontheemploymentsituation,theJusticeDepartmentinenforcingthenation’santitrustlaws,theCongressionalBudgetOfficeinevaluatingpolicyproposals,andtheFederalReserveinanalyzingeconomicdevelopments(manyotheranswersarepossible).3.Economicadviserstothepresidentmightdisagreeaboutaquestionofpolicybecauseofdifferingscientificjudgmentsordifferencesinvalues.QuestionsforReview1.Economicsislikeasciencebecauseeconomistsusethescientificmethod.Theydevisetheories,collectdata,andthenanalyzethesedatainanattempttoverifyorrefutetheirtheoriesabouthowtheworldworks.Economistsusetheoryandobservationlikeotherscientists
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