Test Bank Brief Principles of Macroeconomics 7th Edition by Gregory Mankiw

Which of the following is not correct? Economists use some familiar words in specialized ways. Economics has its own language and its own way of thinking, but few other fields of study do. Supply, demand, elasticity, comparative advantage, consumer surplus, and deadweight loss are all terms that are part of the economist’s language. The value of the economist’s language lies in its ability to provide you with a new and useful way of thinking about the world in which you live. ANSWER: b POINTS: 1 DIFFICULTY: Difficulty: Moderate LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension Economists use some familiar terms in specialized ways to make the subject sound more complex than it is. because every respectable field of study has its own language. to provide a new and useful way of thinking about the world. d. because it was too difficult to come up with new terms. ANSWER: c POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension The language of economics is needlessly arcane. valuable because it provides a new and useful way of learning about the world. easy to learn within a day. unnecessary to learn for a thorough understanding of economics. ANSWER: b POINTS: 1 DIFFICULTY: Difficulty: Easy LEARNING OBJECTIVES: ECON.MANK.15.5 - LO: 2-0 NATIONAL STANDARDS: United States - BUSPROG: Analytic TOPICS: DISC: Thinking Like an Economist KEYWORDS: BLOOM'S: Comprehension Multiple Choice – Section 01: The Economist as Scientist Economists, like mathematicians, physicists, and biologists, make use of the scientific method. try to address their subject with a scientist’s objectivity. devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories. All of the above are correct.