Question 1

Almost all economists agree that tariffs and import quotas

Accepted Answer

Tariffs and import quotas typically lead to higher prices for consumers, reduced competition for domestic producers, and retaliation from trading partners, all of which reduce general economic welfare.

Question 2

Economists have helped modify the debate over the environment

Accepted Answer

Economists have contributed to the environmental debate by shifting the discussion towards issues of optimal resource allocation. They have argued that environmental problems arise due to market failures, and that correcting market failures can lead to more efficient use of resources that are necessary for both economic growth and environmental protection.

Question 3

Almost all economists agree that local and state governments should

Accepted Answer

Subsidies to professional sports franchises are often not cost-effective for local and state governments, as they do not generate significant economic benefits for the area. Instead, these subsidies drain public resources that could be better used for other public services and infrastructure. Therefore, economists generally recommend eliminating such subsidies.

Question 4

Differences in scientific judgement between economists is similar to all of the following except

Accepted Answer

Economists, like all scientists, may disagree on certain theories, models, or policies. This is a natural part of the scientific process. However, the disagreement among economists is not comparable to politicians debating the fairness of the tax code. The former is based on empirical evidence, statistical analysis, and theoretical frameworks, while the latter may involve personal opinions or interests. Moreover, the other options are all examples of scientific controversies or misconceptions that have been resolved or clarified over time, whereas the disagreements among economists are ongoing and may involve different schools of thought or ideological perspectives.

Question 5

Which of the following is not correct?

Accepted Answer

This statement is not correct because graphs do not always allow economists to draw indisputable conclusions about causes and effects. Correlation does not always imply causation, and other factors may be at play in the observed relationship between two economic variables. Thus, economists must use additional evidence and analysis to determine causality.

Question 6

According to economist John Maynard Keynes,a great economist must also be a(n)

Accepted Answer

According to John Maynard Keynes, a great economist must possess not only mathematical skills to deal with complex data, but also a deep understanding of history and philosophy to interpret economic phenomena and their impact on society. Therefore, all of the given choices are correct.

Question 7

Graphs such as bar graphs and pie charts are limited in that they

Accepted Answer

Bar graphs and pie charts can only display information related to one variable at a time. They are useful for showing comparisons between different values or categories within that variable, but they cannot display relationships or correlations between multiple variables.

Question 8

The x-coordinate of an ordered pair specifies the

Accepted Answer

The x-coordinate of an ordered pair specifies the horizontal location of the point.

Question 9

The x-coordinate is the

Accepted Answer

The x-coordinate is always the first number in an ordered pair, and it represents the point's horizontal location on the coordinate plane. The y-coordinate is the second number in the pair and represents the vertical location.

Question 10

The 1990 amendment to the Clean Air Act

Accepted Answer

The 1990 amendment to the Clean Air Act implemented tradable allowances for acid rain, which allowed companies to trade pollution credits to reduce overall emissions. This approach was successful in reducing acid rain pollution in the United States. The amendment did not ban all forms of pollution, create a research council on asthma, or make global warming a national priority.

Question 11

John Maynard Keynes referred to economics as an easy subject,

Accepted Answer

Keynes famously referred to economics as an easy subject at which very few excel, indicating that while the concepts themselves may not be complicated, achieving true understanding and mastery of the subject is difficult.

Question 12

The first number in any ordered pair is

Accepted Answer

The first number in an ordered pair represents the x-coordinate, which indicates the horizontal position of the point.

Question 13

Which of the following is not an example of a graph of a single variable?

Accepted Answer

The answer of Which of the following is not an...

Question 14

In order to display information on two variables,an economist must use

Accepted Answer

The coordinate system is the best choice for displaying information on two variables as it allows for the creation of a scatterplot. This type of graph displays how two variables are related to each other, with each axis representing one variable. This allows for a clear understanding of the relationship between the two variables, including any patterns or trends that may exist. Bar graphs, pie charts, and time-series graphs are all useful for displaying data, but they are not the best choice for showing information on two variables.

Question 15

Which of the following allows you to provide information about the relationship between two variables?

Accepted Answer

The answer of Which of the following allows you to...

Question 16

Philip wants to create a graph containing the prices of apples and the corresponding quantities of apples demanded by customers.He should use a(n)

Accepted Answer

A coordinate system or a line graph would be a suitable choice to show the relationship between the price of apples and the quantity demanded by customers. This would allow for a clear visualization of any patterns or trends in the data over time. A pie chart and a bar graph would not be appropriate as they are typically used to compare categorical data, rather than show a continuous relationship between two variables.

Question 17

In the past,environmentalists thought of economics as a method of maximizing profits.Presently,

Accepted Answer

Both A and B are correct statements. Environmentalists have come to realize that economics can play a significant role in managing natural resource allocation, and economists are now working towards providing a theoretical framework for environmental protection. However, C is incorrect as there are economists who work for environmental advocacy groups as well.

Question 18

The use of the coordinate system allows

Accepted Answer

The coordinate system is used to display two variables on a single graph by plotting points with their corresponding x and y values. This allows for the visualization of the relationship between the two variables and can be used to analyze patterns and relationships. Options A and B are not directly related to the use of the coordinate system, and option D refers to different types of graphs that are not created using the coordinate system.

Question 19

How did the influential economist John Maynard Keynes explain his remark that though economics is an easy subject compared with the higher branches of philosophy or pure science,it is a subject at which few excel?

Accepted Answer

Keynes suggested that economics requires a rare combination of gifts, meaning that good economists must possess certain skills or talents that are not typical of everyone who studies the subject. This implies that economics is not an easy subject to excel in, despite being simpler than other higher branches of philosophy or science.

Question 20

An ordered pair is

Accepted Answer

An ordered pair is a pair of two numbers arranged in a particular order. They can be represented on a graph as a single point, where the first number represents the horizontal axis and the second number represents the vertical axis. Therefore, B is the best choice.

Quiz 2: Thinking Like an Economist