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1、1Q4Whyshouldpolicymakersthinkaboutincentives?Policymakersneedtothinkaboutincentivessotheycanunderstandhowpeoplewillrespondtothepoliciestheyputinplace.Thetext'sexampleofseatbeltsshowsthatpolicyactionscanhavequiteunintendedconsequences.Ifincentivesmatteralot,theymayleadtoa
2、verydifferenttypeofpolicy;forexample,someeconomistshavesuggestedputtingknivesinsteeringcolumnssothatpeoplewilldrivemuchmorecarefully!Whilethissuggestionissilly,ithighlightstheimportanceofincentives.Q6whatdoestheinvisiblehandofthemarketplacedo?The"invisiblehand"ofthemarke
3、tplacerepresentstheideathateventhoughindividualsandfirmsareallactingintheirownself-interest,pricesandthemarketplaceguidethemtodowhatisgoodforsocietyasawhole.2Q1Howiseconomicslikeascience?Economicsislikeasciencebecauseeconomistsusethescientificmethod.Theydevisetheories,co
4、llectdata,andthenanalyzethesedatainanattempttoverifyorrefutetheirtheoriesabouthowtheworldworks.Economistsusetheoryandobservationlikeotherscientists,buttheyarelimitedintheirabilitytoruncontrolledexperiments.Instead,theymustrelyonnaturalexperiments.Q5Useaproductionpossibil
5、itiesfrontiertodescribetheideaof“efficiency”?Theideaofefficiencyisthatanoutcomeisefficientiftheeconomyisgettingallitcanfromthescarceresourcesithasavailable.Intermsoftheproductionpossibilitiesfrontier,anefficientpointisapointonthefrontier,suchaspointAinFigure4.Apointinsid
6、ethefrontier,suchaspointB,isinefficientsincemoreofonegoodcouldbeproducedwithoutreducingtheproductionofanothergood.Q7Whatisthedifferencebetweenapositiveandanormativestatement?Giveanexampleofthat.Positivestatementsaredescriptiveandmakeaclaimabouthowtheworldis,whilenormativ
7、estatementsareprescriptiveandmakeaclaimabouthowtheworldoughttobe.Hereisanexample.Positive:Arapidgrowthrateofmoneyisthecauseofinflation.Normative:Thegovernmentshouldkeepthegrowthrateofmoneylow.3Q1Explainhowabsoluteadvantageandcomparativeadvantagediffer.Absoluteadvantagere
8、flectsacomparisonoftheproductivityofoneperson,firm,ornationtothatofanother,whilecomparativeadvantageisb
