Sec_All_Short_Answer_and_Essay_Ch_2_

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1、SubjectiveShortAnswer1. Likebiologistsandphysicists,economistsusethedispassionatedevelopmentandtestingofhowtheworldworksknownastheANSWER:  scientificmethod.DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.024-Classifythedifferentfunctionsaneconomistma

2、yserve.TOPICS:  EconomicthinkingKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  001.02-SAE-MANK082. Asasubstituteforlaboratoryexperiments,economistsuseevidenceavailablethroughhistory’sANSWER:  naturalexperiments.DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MAN

3、K.024-Classifythedifferentfunctionsaneconomistmayserve.TOPICS:  EconomicthinkingKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  002.02-SAE-MANK083. SupposeawarintheMiddleEastinterruptstheflowofcrudeoilandoilpricesskyrocketaroundtheworld.Foreconomists,this

4、historicalepisodeservesasaANSWER:  naturalexperiment.DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.024-Classifythedifferentfunctionsaneconomistmayserve.TOPICS:  EconomicthinkingKEYWORDS:  BLOOM'S:ApplicationCUSTOM ID:  003.02-SAE-MANK084. Justlikeo

5、therscientificmodels,economicmodelssimplifyrealityusingANSWER:  assumptions.DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.024-Classifythedifferentfunctionsaneconomistmayserve.TOPICS:  EconomicthinkingKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  004.02-S

6、AE-MANK085. Thethreemainfactorsofproduction,orcategoriesofinputs,usedbyfirmstoproducegoodsandservicesareANSWER:  land,labor,andcapital.DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.012-Applybasic,economicprinciplesofindividualdecisionmakingthatdete

7、rminehowaneconomygenerallyworks.TOPICS:  FactorsofproductionKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  005.02-SAE-MANK086. Inthecircularflowdiagram,whoownsthefactorsofproductionandconsumesallofthegoodsandservicesproduced?ANSWER:  householdsCopyrightCenga

8、geLearning.PoweredbyCognero.Page 19DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.149-Givenacircularflowdiagram,describetheagents,markets,andflows.TOPICS:  CircularflowmodelEconomicthinkingKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  006.02-SAE-M