QUESTIONS FOR REVIEW
1
How is economics like a science?
2
Why do economists make assumptions?
3
Should an economic model describe reality exactly?
4
What is meant by empirical study in economics?
5
Using an example, explain the difference between
inductive and deductive reasoning.
6
Should economic theories be developed as a result of
observation or before observation? Explain.
7
What is the difference between a positive and a
normative statement? Give an example of each.
8
What is the role of assumptions in economics?
9
Using an example, explain the difference between an
endogenous and an exogenous variable.
10
Why do economists sometimes offer conflicting advice
to policymakers?
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