The Difference Between Economists Speaking as Scientists or Policy Advisers

question 38

Multiple Choice

The difference between economists speaking as scientists or policy advisers boil down to the difference between

• A)assumptions and theories.
• B)true statements and false statements.
• C)specific statements and general statements.
• D)positive statements and normative statements.

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Definitions:

Confirmation Bias

The proclivity to pursue, interpret, be inclined towards, and remember evidence that verifies one's antecedent beliefs or hypotheses.

Framing Effect

A cognitive bias where people react differently to a particular choice or decision depending on how it is presented to them.

Overconfidence

The condition of being excessively confident or assured in one’s ability, correctness, or reliability, often without sufficient reason.

Framing Effect

A cognitive bias where people react differently to a choice depending on how it is presented, or "framed," especially as a loss or gain.