Economic methodology: แบบฝึกหัด

• a.That the economic model being used is based on normative rather than positive statements.
• b.That the time period under consideration is long enough for all factors of production to be varied.
• c.That an economy is operating at its maximum possible output on its production possibility curve.
• d.That all other influencing variables are held constant when examining the relationship between two specific variables.

• a.To prove that normative statements are superior to positive statements.
• b.To ensure that all economic forecasts account for long-run structural changes.
• c.To eliminate the need for mathematical equations in economic theory.
• d.To isolate the relationship between two specific variables by holding all other factors constant.

• a.

  The use of the ceteris paribus assumption to isolate the effect of a single variable within a social science context.

• b.

  The use of an empirical law that guarantees identical results in every similar economic environment.

• c.

  The application of a normative statement to establish a scientific fact about production costs.

• d.

  A very long run analysis where all factors of production, including technology and social institutions, are variable.

• a.The unemployment rate in the country has risen by \(2\%\) this year.
• b.The government should increase the minimum wage to reduce poverty.
• c.Lowering interest rates usually leads to an increase in investment.
• d.An increase in indirect tax leads to a shift in the supply curve.

• a.It ensures that the model's conclusions are normative rather than positive.
• b.It allows economists to isolate the relationship between two specific variables by holding others constant.
• c.It provides a mathematical proof that human behaviour is always rational.
• d.It guarantees that the economic model will perfectly reflect real-world outcomes.

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