Question 1

A survey of professional economists revealed that more than three-fourths of them agreed with a number of statements, including which of the following?

Accepted Answer

The statements mentioned in all the options are widely accepted by economists and are supported by empirical evidence. Therefore, the correct choice would be D - all of the above are correct.

Question 2

Which of the following is not correct?

Accepted Answer

Graphs can provide evidence and insights into the relationships between two variables, but they do not always allow for indisputable conclusions about causality. Other factors may be at play that cannot be shown on a graph alone.

Question 3

Policies such as rent control and trade barriers persist in spite of the fact that economists are virtually united in their opposition to such policies, probably because

Accepted Answer

The answer of Policies such as rent control and trade...

Question 4

A survey of professional economists revealed that more than three-fourths of them agreed with fourteen economic propositions. Which of the following is not one of those propositions?

Accepted Answer

The question asks for a proposition that was not agreed upon by the professional economists. Proposition B suggests that the US should withdraw from NAFTA, but this was not agreed upon by the economists according to the survey. The other three options (A, C, and D) are all propositions that were agreed upon by the economists.

Question 5

Almost all economists agree that local and state governments should

Accepted Answer

Economists generally agree that government subsidies to professional sports franchises do not provide significant economic benefits and instead divert resources that could be used for more productive purposes. Therefore, eliminating these subsidies would be the best choice.

Question 6

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 7

Eva wants to create a graph containing the prices of concert tickets and the corresponding quantities of concert tickets demanded by customers. She should use a(n)

Accepted Answer

To display the relationship between prices and quantities demanded, a coordinate system (also known as a scatterplot) would be the best choice. This allows for clear visualization of the relationship between two numerical variables.

Question 8

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

Accepted Answer

According to Keynes, a great economist must not only have a strong grasp of mathematics and statistics, but also understand history and the philosophical and social context in which economic decisions are made. Therefore, all three options (mathematician, historian, philosopher) are necessary for a great economist.

Question 9

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 believed that good economists must possess a rare combination of gifts, including the ability to understand abstract concepts, to think logically, and to communicate effectively. He believed that most people who study economics are not able to excel due to a lack of these qualities. Therefore, option B is the best choice.

Question 10

A survey of professional economists revealed that more than three-fourths of them agreed with fourteen economic propositions. Which of the following is not one of those propositions?

Accepted Answer

The other three propositions are consistent with mainstream economic thinking, while the idea of implementing universal healthcare is more of a political and social issue than an economic one.

Question 11

Policies such as rent control and trade barriers persist

Accepted Answer

The persistence of policies such as rent control and trade barriers despite the consensus among economists that they are undesirable suggests that factors other than economic theory and evidence are influencing policy decisions. These factors could include political considerations, pressure from interest groups, and the prioritization of social or cultural goals over economic efficiency.

Question 12

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 13

To display information on two variables, an economist must use

Accepted Answer

The coordinate system, also known as a scatter plot, is the best way to display information on two variables. It allows for the visualization of the relationship between the two variables and any patterns or trends that may exist. Bar graphs are typically used to display categorical data, pie charts are best for showing proportions of a whole, and time-series graphs are used to display data over time.

Question 14

A survey which sought the opinion of professional economists on fourteen propositions about economic policy found that

Accepted Answer

The answer of A survey which sought the opinion of...

Question 15

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

Accepted Answer

Both bar graphs and pie charts provide information on only one variable. Bar graphs show the frequency or amount of a single variable while pie charts show the proportions or percentages of a single variable. They do not show the relationship between two variables.

Question 16

John Maynard Keynes described economics as an easy subject at which very few excel. Which of the following is not one of the reasons Keynes gave for why so few people excel at the study of economics?

Accepted Answer

Keynes did not mention environmental science or regulation as necessary areas of expertise for excelling in economics.

Question 17

Almost all economists agree that rent control

Accepted Answer

Rent control policies can discourage landlords from maintaining or improving their properties because they can't raise rents to cover the costs. This can result in a decrease in quality and availability of housing. This view is widely accepted among economists, as indicated by the first sentence of the statement. Option A is not correct, because rent control can decrease rental income for landlords. Option B is not correct - rent control can prevent efficient functioning of the housing market. Option D is also incorrect because rent control may not be cost effective or sustainable, particularly in the long run.

Question 18

John Maynard Keynes referred to economics as an easy subject,

Accepted Answer

Keynes referred to economics as an easy subject, but he also noted that very few people excel in it.

Question 19

Almost all economists agree that tariffs and import quotas

Accepted Answer

Tariffs and import quotas increase the cost of goods for consumers, reduce competition in the domestic market, and can lead to retaliatory actions by other countries. All of these factors contribute to a decrease in general economic welfare.

Question 20

The use of the coordinate system allows

Accepted Answer

The coordinate system allows for the display of two variables on a single graph, which can be helpful in analyzing economic data and relationships between variables. Options A and B are too specific and don't accurately describe the purpose of the coordinate system, while option D is incorrect as the coordinate system is not used to create pie charts or bar graphs.

Quiz 2: Thinking Like an Economist

A survey of professional economists revealed that more than three-fourths of them agreed with a number of statements, including which of the following?

Which of the following is not correct?

Policies such as rent control and trade barriers persist in spite of the fact that economists are virtually united in their opposition to such policies, probably because

A survey of professional economists revealed that more than three-fourths of them agreed with fourteen economic propositions. Which of the following is not one of those propositions?

Almost all economists agree that local and state governments should

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

Eva wants to create a graph containing the prices of concert tickets and the corresponding quantities of concert tickets demanded by customers. She should use a(n)

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

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?

A survey of professional economists revealed that more than three-fourths of them agreed with fourteen economic propositions. Which of the following is not one of those propositions?

Policies such as rent control and trade barriers persist

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

To display information on two variables, an economist must use

A survey which sought the opinion of professional economists on fourteen propositions about economic policy found that

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

John Maynard Keynes described economics as an easy subject at which very few excel. Which of the following is not one of the reasons Keynes gave for why so few people excel at the study of economics?

Almost all economists agree that rent control

John Maynard Keynes referred to economics as an easy subject,

Almost all economists agree that tariffs and import quotas

The use of the coordinate system allows