For example, economists in the U.S. Department of Commerce collect and analyze data on the production, distribution, and consumption of commodities produced in the United States, and economists employed by the U.S. Department of Labor collect and analyze data on the domestic economy, including data on prices, wages, employment, productivity, and safety and health. Study 67 ecotest1 flashcards from Katie M. on StudyBlue. ...more, What is the Best Economics School in the US, What Careers are there for Economics Graduates, Everything you need to know about an Economics Major, A Day in the Life of a Princeton Economic Student, What skills do you need to be an Economist. Which statement best describes the way economists study the economy? Economists use a probabilistic approach based on correlations between economic events. Because of the importance of quantitative skills to economists, courses in mathematics, statistics, econometrics, sampling theory and survey design, and computer science are extremely helpful. Many economists apply these areas of economics to health, education, agriculture, urban and regional economics, law, history, energy, the environment, and other issues. Which of the following is an example of something economists study? Ch02 - Multiple Choice - Sec02 - Thinking Like an Economist - The Economist as Policy Adviser Question MC #29 Which of the following is not correct? Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. 49. Good communication skills also are useful, as economists must be able to present their findings, both orally and in writing, in a clear, concise manner. Baseball player's contracts have gotten longer as ticket sales increase. A Ph.D. is necessary for top economist positions in many organizations. Education & Training Required In the Federal Government, candidates for entry-level economist positions must have a bachelor's degree with a minimum of 21 semester hours of economics and 3 hours of statistics, accounting, or calculus, or a combination of education and experience. An anthropologist might study the choices of ancient peoples; a political scientist might study the choices of legislatures; a psychologist might study how people choose a mate; a sociologist might study the factors that have led to a rise in single-parent households. Aspiring economists should gain experience gathering and analyzing data, conducting interviews or surveys, and writing reports on their findings while in college. c. The unemployment rate in the United States is at its highest level in over fifty years. These workers study the money and banking system and the effects of changing interest rates. The state should increase subsidies to universities because the future of our country depends on education. Which of the following is an example of something economists study? Which of the following is an example of how the principle of beneficence is applied to a study involving human subjects? (As you may recall, this was one of the Ten Principles of Economics in Chapter 1.) Performance & security by Cloudflare, Please complete the security check to access. d. The rate of inflation should be reduced because it robs the elderly of their savings. To say that something is a good (in this economic sense) does not imply that it is the sort of thing that the person ought to want. At the graduate level, many agricultural economics programs focus on a wide variety Economists may decide to choose an area of specialty. It should be remembered that when an economist says that something is a good or has utility (in this economic sense), all he means is that someone wants it, desires it, or values it. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts on a wide variety of issues, including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others. b. It is very common for Statistics departments to be separate at schools with graduate programs, but many undergraduate-only institutions include statistics Preparing reports, including tables and charts, on research results also is an important part of an economist's job, as is presenting economic and statistical concepts in a clear and meaningful way for those who do not have a background in economics. a. Economics is considered a social science. “Fool’s Gold” by Gillian Tett). b. b. Candidates also should have strong computer and quantitative skills and be able to perform complex research. Economists in the Federal Government administer most of the surveys and collect the majority of the economic data about the United States. Which of the following is not correct about most economic models? Their analyses and forecasts are frequently published in newspapers and journal articles. b. Megan sells her physics textbook from last semester to her roommate for half the price of a new textbook. With experience, economists eventually are assigned their own research projects. For American cities with at least 1m residents New York’s murder rate is bested only by … Which of the following is not something a zoologist might do in his or her profession? ...more, At some schools, there is a single mathematics department, whereas others have separate departments for Applied Mathematics and Pure Mathematics. An economist might live in a country experiencing rapid increases in prices and be moved by this observation to develop a theory of inflation. ...more, Economics is the social science that studies the production, distribution, and consumption of goods and services. The unemployment rate should be reduced because unemployment robs individuals of … Some analyze their competitors' market share and advise their company on how to handle the competition. In making which of the following statements is an economist acting more like a scientist ? How will Ms. Martin’s tips change when a large manufacturing plant near the res-taurant where she works closes? A new study by the Boston College Social Welfare Institute forecasts that the intergenerational wealth transfer during 1998-2052 could be at least $41 trillion, of which $6 trillion might … a. there are only two countries. Question Which of the following is an example of something economist study? Agricultural economics tends to be more microeconomic oriented. A reduction in unemployment benefits will reduce the unemployment benefits will … Chapter 2 - Thinking Like an Economist. Some schools help graduate students find internships or part-time employment in government agencies, economic consulting or research firms, or financial institutions before graduation. The theory might assert that high inflation arises when the government prints too much money. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Students could also read a couple of the books on their course’s reading list, particularly those that give lots of background information (e.g. • Monetary economists and financial economists do work that is similar to that done by macroeconomists. (adsbygoogle = window.adsbygoogle || []).push({}); Textbook solution for MACROECONOMICS FOR TODAY 10th Edition Tucker Chapter 1 Problem 15SQ. d. An economist working in State or local government might analyze data on the growth of school-age or prison populations and on employment and unemployment rates to project future spending needs. b. Macroeconomists study historical trends in the whole economy and forecast future trends in areas such as unemployment, inflation, economic growth, productivity, and investment. For example, public finance economists study how government policies, such as tax cuts and welfare programs, affect the economy. These economists also may be concerned with antitrust policy and its impact on market structure. A reduction in unemployment benefits will reduce the unemployment rate. This experience can prove invaluable later in obtaining a full-time position in the field because much of the economist's work, especially in the beginning, may center on these duties. Which of the following is an example of something economists study? Whether working in government, industry, research organizations, or consulting firms, economists with a bachelor's degree usually qualify for entry-level positions as a research assistant, for marketing or finance positions, or for various sales jobs. Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. I think New York City offers an optimistic glimpse at the how the future might look if policing and criminal justice were to operate in concert effectively across America. An economist is an expert who studies the relationship between a society's resources and its production or output, using a number of different indicators, in order to predict future trends. nomics. *Response times vary by subject and question complexity. Which of the following statements might an economist put forth in reaction to statements such as this? d) Gasoline. Microeconomists study the supply and demand decisions of individuals and firms, such as how profits can be maximized and the quantity of a good or service that consumers will demand at a certain price. A monument honoring Adam Smith, a famous economist. d. All of the above are possible assumptions. Which of the following is not correct about most economic models? Work Environment Positive statements can, in principle, be confirmed or refuted by examining evidence. food giveaways, food stamps, subsidized housing, legal aid ... Something is generally considered to be a public good if. With these techniques, they formulate economic models that help explain economic relationships that can be used to develop forecasts about business cycles, the effects of a specific rate of inflation on the economy, the effects of tax legislation on unemployment levels, and other economic phenomena. 1. a) Gold ore. b) Iron ore. c) Crude oil. d. All of the above are possible assumptions. However, economists in consulting firms also perform much of the macroeconomic analysis and forecasting conducted in the United States. a. We have step-by-step solutions for your textbooks written by Bartleby experts! Economists develop methods for obtaining the data they need. You may need to download version 2.0 now from the Chrome Web Store. Econometricians develop mathematical models using methods such as game theory and calculus. c. A reduction in unemployment benefits will reduce the unemployment rate. Economists study the past, but do not try to predict the future. Economists study such questions as … Economics is the study of the production, distribution, and consumption of goods and services — the economy. ... An assumption an economist might make while studying international trade is. c. An economist might live in a country experiencing rapid increases in prices and be moved by this observation to develop a theory of inflation. nomics. Labor economists and demographic economists study the supply and demand for labor and the determination of wages. Their routine may be interrupted by special requests for data and by the need to attend meetings or conferences. The unemployment rate should be reduced because unemployment robs individuals of their dignity. For example, he might do an EEG and see that his patient has very little activity on the left side of her brain. • c. technology does not change. Economists attempt to understand the economy and the way it responds to various influences, such as changes in federal interest rates. 49. 1 Answer to In making which of the following statements is an economist acting more like a scientist? A master's or Ph.D. degree in economics is required for many private sector economist jobs and for advancement to higher-level positions. a. For example, sampling techniques may be used to conduct a survey, and various mathematical modeling techniques may be used to develop forecasts. International economists study the global economy, including factors such as international trade, exchange rates and the global financial markets. International economists study global financial markets, currencies and exchange rates, and the effects of various trade policies such as tariffs. The law of supply. What will happen to spending by consumers when the economy enters a downturn? b. countries only produce two goods. Your IP: 116.203.88.183 Corporations with many international branches or subsidiaries might employ economists to monitor the economic situations in countries where they do business or to provide a risk assessment of a country into which the company is considering expanding. Duties. The price of any good is determined by supply AND demand. Which of the following is an example of something a personality theorist might study? Undergraduate economics majors can choose from a variety of courses, ranging from microeconomics, macroeconomics, and econometrics to more philosophical courses, such as the history of economic thought. a. Economists working for corporations are involved primarily in microeconomic issues, such as forecasting consumer demand and sales of the firm's products. Cloudflare Ray ID: 607e6c74c9c21786 a. Mitch chooses to work overtime to earn extra income for his family. As such, it bridges economic theory and economics in practice. Economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services. Related job experience, such as work as a stock or bond trader, might be advantageous. Others monitor legislation passed by Congress, such as environmental and worker safety regulations, and assess how new laws will affect the corporation. 2) Use the following figures to answer the next two (2) questions: Assume that only wheat can be grown on the three grades of land shown in Figures (a), (b), and (c). Work Environment Economists have structured work schedules. Economics includes numerous specialties at the graduate level, such as econometrics, international economics, and labor economics. Another large employer of economists is government. c. Many undergraduate Agricultural Economics degrees tend to be more like a traditional business degree rather than a traditional economics degree. b. Ryan sells his economics textbook from last semester to his roommate for half the price of a new textbook. Another way to prevent getting this page in the future is to use Privacy Pass. b. Megan sells her physics textbook from last semester to her roommate for half the price of a new textbook. Students should select graduate schools that are strong in the specialties that interest them. a. Mitch chooses to work overtime to earn extra income for his family. b. countries only produce two goods. A master's degree usually is required to qualify for more responsible research and administrative positions. Public finance economists are involved primarily in studying the role of the government in the economy and the effects of tax cuts, budget deficits, and welfare policies. These economists also try to explain the reasons for unemployment and the effects of changing demographic trends, such as an aging population and increasing immigration, on labor markets. Econometricians investigate all areas of economics and apply mathematical techniques such as calculus, game theory, and regression analysis to their research. Some economists also perform economic analysis for the media. Government economists advise policy makers in areas such as the deregulation of industries, the effects of changes to Social Security, the effects of tax cuts on the budget deficit, and the effectiveness of imposing tariffs on imported goods. ... An assumption an economist might make while studying international trade is. a. there are only two countries. Some travel may be necessary. Patience and persistence are necessary qualities, given that economists must spend long hours on independent study and problem solving. Most major universities and many colleges have a major, school, or department in which academic degrees are awarded in the subject, whether in the liberal arts, business, or for professional c. technology does not change. Economists have structured work schedules. Median response time is 34 minutes and may be longer for new subjects. 1) According to an economist, which of the following does not strictly match the economic definition of "Land"?. A. An economist who focuses on microeconomics might study what? a. help manage natural resources as the human population grows b. work in labs or be outdoors working with animals in their habitats c. conduct research or deal with applied researc d. study the behavior, disease, or development of animals a. Industrial economists and organizational economists study the market structure of particular industries in terms of the number of competitors within those industries and examine the market decisions of competitive firms and monopolies. Consumer demand and sales of the following is not something a personality theorist might study knowledge of economic... Ask for help from our community of subject experts 24/7 of something economists study the and... 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Textbooks written by Bartleby experts cloudflare Ray ID: 607e6c74c9c21786 • your IP: 116.203.88.183 • &. M. on StudyBlue to handle the competition web Store international trade is focuses microeconomics... Iron ore. c ) Crude oil also should have strong computer and quantitative skills and be by. More responsible research and administrative positions a downturn search through millions of guided step-by-step solutions or ask for from! Be able to perform complex research be a public good if as you may recall, this one. Prevent getting this page in the which of the following is something an economist might study? that interest them depends on education d. rate! To earn extra income for his family policies, such as econometrics, international economics, and mathematical. Financial markets, currencies and exchange rates, and assess how new laws affect. And services quantitative skills and be moved by this observation to develop theory.