100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Econ 208 chapter 2.1 - 2.2 || QUESTIONS WITH VERIFIED ANSWERS!! CA$14.41   Add to cart
Quickly navigate to
Preview
  2.  
  3. Econ 208
  4.  
  5. Econ 208

Exam (elaborations)

Econ 208 chapter 2.1 - 2.2 || QUESTIONS WITH VERIFIED ANSWERS!!
 8 views  0 purchase
  • Course
  • Econ 208
  • Institution
  • Econ 208

normative statements are based on correct answers value judgements and cannot be settled by recourse to facts (personal options about about what the world ought to be like as opposed to what is actually is) positive statements are correct answers statements about matters of fact, can apeal to ev...

[Show more]

Preview 1 out of 4  pages

Document information

  • August 19, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • normative statements are based on

Written for

  • Econ 208
  • Econ 208

Seller

avatar-seller
ProPerfomer

Reviews received

Content preview

Econ 208 chapter 2.1 - 2.2 || QUESTIONS WITH
VERIFIED ANSWERS!!
normative statements are based on correct answers value judgements and cannot be settled by
recourse to facts (personal options about about what the world ought to be like as opposed to
what is actually is)

positive statements are correct answers statements about matters of fact, can apeal to
evidence

postive and normative statements correct answers 2.1 redo redo redo

Why is the scientific approach central to the study of economics correct answers - Empirical
observations lead to the construction of theories
- Thus theories generate specific predictions
- and the predictions are tested by more detailed empirical observation

Why must economics take care when testing predictions to distinguish between correlation
and causality? correct answers - correlation can establish that the data are consistant with the
theory but they are not direct evidence of a causal relationship
- establishing the likelihood of causality usually requires advanced statistical techniques

causal relationship from x to y correct answers changes in x is predicted to cause a change in
y

x and y are positively correlated correct answers when x rises, y also tends to rise

Why is correlation consistent with the theory that x causes y, BUT it is NOT direct evidence
of this causal relationship correct answers A) the causality might be the opposite direction
b) they may have no direct causal relationship
c) they instead might be joined by some third variable ie. Z

variables correct answers a well defined item such as price or quantity that can take on
different possible values

endogenouse variables correct answers value is determined with a theory

exogenouse variables correct answers A) value is determined outside the theory
b) may influence the endogenous variable
C) may also be called an independant variable
d) may also be called an autonomous variable

assumptions when (testing economic theories) concern .. correct answers concern motives,
direction of causation, the condition under which the theory is meant to apply

motives (testing economic theories) correct answers - everyone pursues his or her own self
interest for economic decisions
- individuals strive to maximize utility
- firms strive to maximize profit

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ProPerfomer. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$14.41. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

64438 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$14.41
  • (0)
  Add to cart