ECN 221 EXAM 1 QUESTIONS AND CORRECT ANSWERS
(100% VERIFIED) | NEWEST UPDATE 2026/2027 | GRADED A+ |
ASSURED PASS.
Covariance: If x and y tend to rise and fall in the same direction, then the numerator will
be - ANSWER positive
Deductive Reasoning - ANSWER process of drawing a conclusion from a principle
already known or assumed (The sun rises every morning; therefore, the sun will rise on
Tuesday morning.)
Inductive Reasoning - ANSWER -A type of logic in which generalizations are based on a
large number of specific observations.
-Use particular to describe the general
The problem of induction - ANSWER It will never give us the truth
Popper's problem: Past experiences are not enough to make definitive statements about
future experiences
To corroborate is to "strengthen (an opinion, statement, argument, etc.) by agreeing
statements or evidence
Proof: - ANSWER Corroboration vs. Proof
The narrative fallacy - ANSWER Flawed stories of the past shape our views of the world
and our expectations of the future
,We build stories around facts
Sophisticated falsification - ANSWER -Requires that a theory is not only falsifiable, but
that is also leads to the discovery of new facts
-Lakatos
-Ex. The birth control pill is considered extremely effective since the statistics show only
a 0.3% failure rate
Normal science - ANSWER Science conducted within an existing paradigm, as defined by
Thomas Kuhn
Revolutionary science - ANSWER -A period in which scientific activity is characterized by
the replacement of one paradigm with another
-Occurs when a challenging paradigm arises
Paradigm - ANSWER -A typical example or pattern of something; a model
-A generally accepted world view
Naive falsification - ANSWER -Any single instance that proves data is enough to falsify
the entire claim
-Any theory which can be interpreted as experimentally falsifiable is considered scientific
, -Ex. birth control pill is ineffective because 3 in 1000 sources where it doesn't work
-Determines what questions you should ask, what facts you should look at, and what
makes a system better or worse
Theories - ANSWER -We have progress when a new theory replaces an old theory and
explains what the old theory explained and more
-It's about proving things false; you can't prove anything is true.
Normativism - ANSWER -The belief that ethical behavioral standards are universal, and
firms and individuals should seek to uphold them around the world.
-Ex. You need water-- but do you need a certain type? You need food-- but do you need a
certain type?
Pragmatism - ANSWER -A philosophy which focuses only on the outcomes and effects of
processes and situations.
-Just being realistic
-Sometimes what works on paper doesn't work in the real world
Statistics - ANSWER -The collection and classification of data that are in the form of
numbers
Data - ANSWER -Facts and statistics collected together for reference or analysis
(100% VERIFIED) | NEWEST UPDATE 2026/2027 | GRADED A+ |
ASSURED PASS.
Covariance: If x and y tend to rise and fall in the same direction, then the numerator will
be - ANSWER positive
Deductive Reasoning - ANSWER process of drawing a conclusion from a principle
already known or assumed (The sun rises every morning; therefore, the sun will rise on
Tuesday morning.)
Inductive Reasoning - ANSWER -A type of logic in which generalizations are based on a
large number of specific observations.
-Use particular to describe the general
The problem of induction - ANSWER It will never give us the truth
Popper's problem: Past experiences are not enough to make definitive statements about
future experiences
To corroborate is to "strengthen (an opinion, statement, argument, etc.) by agreeing
statements or evidence
Proof: - ANSWER Corroboration vs. Proof
The narrative fallacy - ANSWER Flawed stories of the past shape our views of the world
and our expectations of the future
,We build stories around facts
Sophisticated falsification - ANSWER -Requires that a theory is not only falsifiable, but
that is also leads to the discovery of new facts
-Lakatos
-Ex. The birth control pill is considered extremely effective since the statistics show only
a 0.3% failure rate
Normal science - ANSWER Science conducted within an existing paradigm, as defined by
Thomas Kuhn
Revolutionary science - ANSWER -A period in which scientific activity is characterized by
the replacement of one paradigm with another
-Occurs when a challenging paradigm arises
Paradigm - ANSWER -A typical example or pattern of something; a model
-A generally accepted world view
Naive falsification - ANSWER -Any single instance that proves data is enough to falsify
the entire claim
-Any theory which can be interpreted as experimentally falsifiable is considered scientific
, -Ex. birth control pill is ineffective because 3 in 1000 sources where it doesn't work
-Determines what questions you should ask, what facts you should look at, and what
makes a system better or worse
Theories - ANSWER -We have progress when a new theory replaces an old theory and
explains what the old theory explained and more
-It's about proving things false; you can't prove anything is true.
Normativism - ANSWER -The belief that ethical behavioral standards are universal, and
firms and individuals should seek to uphold them around the world.
-Ex. You need water-- but do you need a certain type? You need food-- but do you need a
certain type?
Pragmatism - ANSWER -A philosophy which focuses only on the outcomes and effects of
processes and situations.
-Just being realistic
-Sometimes what works on paper doesn't work in the real world
Statistics - ANSWER -The collection and classification of data that are in the form of
numbers
Data - ANSWER -Facts and statistics collected together for reference or analysis
