1.2 How do economists approach the world?

Question 1

Which economist believed that the government must intervene to lift an economy out of a recession?

Accepted Answer

John Maynard Keynes

Question 2

What does 'ceteris paribus' refer to?

Accepted Answer

All other factors remaining constant

Question 3

Positive economics relies on logic, models, theories, and empirical evidence.

Accepted Answer

True

Question 4

What is the missing number?

Accepted Answer

16

Question 5

Who believed that ‘supply creates its own demand’?

Accepted Answer

Jean-Baptiste Say

Question 6

What type of statement is: 'Education should be free for all.'

Accepted Answer

Normative statement

Question 7

Keynes believed that the government should use expansionary fiscal policy to fight a recession.

Accepted Answer

True

Question 8

Adam Smith believed that economies are best left alone without government intervention.

Accepted Answer

True

Question 9

Normative statements can be refuted.

Accepted Answer

False

Question 10

_____ refers to the satisfaction which consumers derive from consuming goods and services.

Accepted Answer

Utility

Questions 10