The Scientific Method and the Tools of Economics Are Useful

question 16

Multiple Choice

The scientific method and the tools of economics are useful in examining:

• A) only how individuals make decisions.
• B) only how business firms make decisions.
• C) only how government policies affect macroeconomic outcomes.
• D) only the trade-offs evident in production possibilities frontier (PPF).
• E) anything; economists will use their tools to study anything in the world around them.

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Definitions:

General Cognitive Processes

Fundamental mental activities involved in obtaining and processing knowledge, such as perception, memory, and problem-solving.

Biological Explanation

An explanation for behaviors, traits, or conditions based on biological factors, such as genetics, biochemical processes, or physiological mechanisms.

Language Acquisition Device

The Language Acquisition Device is a theoretical construct proposed by linguist Noam Chomsky, suggesting an innate mechanism or ability in the human brain that allows infants to acquire language.

Assimilation

The process by which individuals or groups adopt the culture and norms of another society, often losing their original identity.