268) What does it mean to say that theories, principles, and models are "purposeful simplifications"?
269) The distinguished economist Kenneth Boulding stated: "Theories without facts may be barren, but facts without theories are meaningless". Explain what he meant.
270) Explain the importance of the ceteris paribus or "other-things-equal" assumption.
271) "Bad theories are abstract and therefore unrealistic; good theories are fully realistic and fit all the facts". Evaluate.
272) "Economic models are somewhat like different types of maps". Evaluate.
273) Distinguish between microeconomics and macroeconomics.
274) Below are six statements. Indicate whether each one pertains to microeconomics (MIC) or macroeconomics (MAC).
(a) "The inflation rate in Canada hit its lowest level in the last twenty years".
(b) "The profits of BCE rose 20 percent during the past quarter".
(c) "A drought has occurred in the Prairies. The prices for barley are expected to rise sharply".
(d) "The nation's economy grew at an annual rate of 3.7 percent in the final quarter of the year".
(e) "The trade surplus in Canada was $4 billion last month".
(f) "General Motors plans to spend $800 million on a new automobile plant".
(a) "The inflation rate in Canada hit its lowest level in the last twenty years".
(b) "The profits of BCE rose 20 percent during the past quarter".
(c) "A drought has occurred in the Prairies. The prices for barley are expected to rise sharply".
(d) "The nation's economy grew at an annual rate of 3.7 percent in the final quarter of the year".
(e) "The trade surplus in Canada was $4 billion last month".
(f) "General Motors plans to spend $800 million on a new automobile plant".
275) Why have the last few years been an exciting time to study macroeconomics?
276) Give one example of a positive economic statement and one example of a normative economic statement.
277) Below are six statements. Identify whether each is a positive or normative statement.
(a) The minimum wage should be increased so low-income workers can earn a living wage.
(b) The unemployment rate is too high and should be reduced through government actions.
(c) The rate of inflation was about 2 percent last year, an all time low for the past decade.
(d) The government should take action to break up the monopoly power of Air Canada.
(e) Interest rates should be lower in Canada so that people can afford to build a home.
(f) The Federal government achieved a budget surplus for the first time in thirty years.
(a) The minimum wage should be increased so low-income workers can earn a living wage.
(b) The unemployment rate is too high and should be reduced through government actions.
(c) The rate of inflation was about 2 percent last year, an all time low for the past decade.
(d) The government should take action to break up the monopoly power of Air Canada.
(e) Interest rates should be lower in Canada so that people can afford to build a home.
(f) The Federal government achieved a budget surplus for the first time in thirty years.
278) Identify whether each of the following is a positive or normative statement.
(a) Should tuition fees increase, fewer students would obtain a post-secondary education.
(b) The Prime Minister announced that Canada is the best place in the world to live.
(a) Should tuition fees increase, fewer students would obtain a post-secondary education.
(b) The Prime Minister announced that Canada is the best place in the world to live.
279) "Economists are scientists and therefore should not become involved in making value judgments which policy formulation necessarily entails". Do you agree?
280) "Economics cannot be scientific because it is based upon the value judgment that 'more (output) is better'". Do you agree?
281)
上一篇：Intermediate Accounting Volume 1, 13th Canadian Edition by Donald E. Kieso Test bank
下一篇：Business Data Communications and Networking 14th edition by Jerry FitzGerald Test bank