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Economic Methodology; Answers Quizzes ()
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Economic MethodologyQuizzes
(2020-2021)
QUIZ 0
1) Choose a question related to economic methodology
a) What are the factors explaining economic growth?
b) Which policy measures are the be taken in order to boost economic growth?
c) Which data would be best to use in the existing model of economic growth?
d) Are the existing models of economic growth realistic
2) Choose a question related to normative economic methodology
a) Why is empirical analysis more popular in economics today than a theoretical one?
b) How to decide which model is better in explaining a specific phenomenon?
c) How do economists explain the reason why economic models are based on unrealistic
assumptions?
d) Which concepts of rationality are used in current economic research?
3) A tautological definition of economics
a) Refers to the community of economists
b) Does not describe the subject matter of economic theories
c) May change with time
d) All off the above
4) What was the difference between the classical and contemporary understanding of economics?
a) The classical definition on the subject matter, while the contemporary one is focused on the
method of economic research
b) The classical definition dealt with exchange, while the contemporary one focuses on wealth
c) The classical definition deals with human behavior, while the contemporary one is interested
in the production sector
d) None of the above
5) After the crisis in 2008, economics was criticized for
a) Too abstract equilibrium models
b) Too specific models
c) Too dynamic models
d) All of the above
6) An ‘heuristic progress’ in economics means that
a) Old ideas are formulated in a new way, so that they may be developed further
b) We introduce radically new ideas and use new heuristic to formulate them
c) We keep old formulations and use them for new ideas
d) None of the above
, QUIZ 1
1) A major difficulty for logical positivism is;
a) The problem of confirmation
b) Problem of induction
c) The problem of politics
d) The problem of deduction
2) Economic methodology is most closely related to;
a) Economics
b) Statistics
c) Philosophy of economics
d) Philosophy
3) After the global crisis economist were blamed for;
a) Over-reliance on simplistic equilibrium models
b) Over-reliance on disequilibrium dynamic models
c) Disbelief in markets
d) Not using enough mathematics
4) Positivism in economic methodology means;
a) Studying indifference curves
b) Empiricism
c) Metaphysics
d) Studying Happiness
5) We can interpret explanans and explanandum as;
a) Theory and law
b) Dependent and independent variable
c) Law and theory
d) Independent and dependent variable
6) The difference between economic methodology and economic methods can be illustrated with
the examples of;
a) Logical positivism is studied in economic methodology, statistics is an economic method
b) Logical positivism is studied in economic methodology, the verification principle is an
economic method
c) Utility maximization is applied in economic methodology, statistics is an economic method
d) Utility maximization is applied in economic methodology, the verification principle is an
economic method
7) An example of a theory in economics based on deduction from assumptions is;
a) The theory of comparative advantages
b) Capital Asset Pricing Model in finance
c) Heckscher-Ohlin model of international trade
d) All of the theories above are deductive
8) Instrumentalism measures the validity of theories by;
a) Their effectiveness to predict correctly
b) How often the theory is mentioned by economists
c) How often the theory is mentioned by philosophers
d) The probability that a theory is correct
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