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Homework answers / question archive / 1
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1. A theory is a perfect description of reality.
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2. Theories should be judged based upon how consistently and precisely they predict and how well they explain things.
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3. Scientists are interested in finding out when their theories are wrong, as well as when their theories are right.
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4. If a theory gives a scientist results that she does not want, then she should not believe in that theory.
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5. For economic imperialists, economics is more of a method of analysis than a specific field of study.
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6. There is a direct relationship between the opportunity cost of bad behavior in a public venue and the use of bad behavior in that venue.
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7. There is no difference between building a theory and evaluating a theory.
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8. If a theory can predict those things that you should observe if it is right and can also predict those things that you should observe if it is wrong, it is said to have the virtue of falsifiability.
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9. Scientists prefer to advance irrefutable theories, rather than refutable theories.
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10. One theory discussed in the textbook is that there is a direct relationship between the opportunity cost of having children and the number of children a woman will have.
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11. The higher the cost of talking on a cell phone in public (in terms of being perceived by others as rude) the less likely one is to do so.
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12. Theories should be judged based upon how
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13. In general, in a given rich country the ______________ the opportunity cost for a woman of having and raising a child, the _____________ children she will have.
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14. Which of the following statements is false?
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15. To an economist, it is preferable to
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16. Which of the following theories is not falsifiable or refutable?
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17. A person tends to be ______________ likely to lose her temper with a boss than with a friend because the opportunity cost of losing her temper with her boss tends to be _____________ than the opportunity cost of losing her temper with her friend.
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18. The _________________ the opportunity cost of bad behavior, the _________________ likely one is to exhibit bad behavior.
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19. Those who say that economics is becoming an increasingly imperialist social science are suggesting that economics is
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20. Which of the following statements is true?
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21. In general, a dry cleaner in a small town is ______________ likely to be unethical in his business practices than a dry cleaner in a large city. This is because the larger a percentage of the population one person is, the _____________likely that person will have to further engage with people he encounters.
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Situation 33-1 EB = Ps x Loot The criminal’s cost equation is as follows: EC = [Pp x (I + F)] + AC Where: EB is the expected benefits of burglary |
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22. Refer to Situation 33-1. If the prospective criminal sets the following values: Ps = 65 percent The prospective criminal’s expected benefit from committing the burglary is ______________ and his expected cost of committing the burglary is _______________. Economic theory tells us that under these circumstances, the prospective criminal ______________ commit the burglary.
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23. Refer to Situation 33-1. If the prospective criminal sets the following values: Ps = 50 percent The prospective criminal’s expected benefit from committing the burglary is ______________ and his expected cost of committing the burglary is _______________. Economic theory tells us that under these circumstances, the prospective criminal ______________ commit the burglary.
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24. The larger a percentage of the population a person is, the ______________ likely that person will have to further engage with people she meets. This implies that she will generally be ____________ likely to behave unethically and poorly with the people in her town as the population of her town increases.
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25. We state that the evidence __________________ if evidence is consistent with a theory’s predictions.
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26. The efficient number of gifts that a gift-giver wants to give is the number at which the marginal benefits of giving a gift are__________________the marginal costs of giving a gift.
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27. Which of the following can a homebuyer pay for indirectly when purchasing a home?
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28. George is a gift giver and Roger is a gift recipient. George has Roger in his utility function, but Roger does not have George in his utility function. Roger may try to get George to __________________ George’s efficient number of gifts to (give).
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29. If a person gives a gift to another person, an economist would say that it is because
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30. Anna gives Billy a gift of $200. We can be sure that Billy will
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31. House A has an ocean view and House B does not. In all other respects, the two houses are the same. The market price of house A is $2,800,000; the market price of house B is $2,600,000. The ocean view is therefore valued at
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32. Economists often evaluate a theory in terms of how consistently and accurately it predicts what happens. Implicit in this position is the belief that
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33. Smith says that criminals are rational and that they consider both the benefits and costs of criminal activity. Jones disagrees. He says criminals are irrational and can’t possibly be considering both the benefits and costs of criminal activity. If they did, he argues, they wouldn’t be criminals. An economist who wants to figure out if criminals are rational, would most likely build a
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34. In the burglary crime model presented in the textbook, as the anguish cost of committing a burglary rises, the prediction is that
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35. If people value clean air over dirty air, and if the air in city A is cleaner than the air in city B (by a wide margin), then we would expect that ____________________, all else equal between the two cities.
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36. Kristie currently spends her $1,000 a week income as follows: $500 on X, $300 on Y, and $200 on Z. Her mother then gives her a $100 bill and tells her to use it to buy more Z. Kristie actually takes the $100 her mother gave to her, adds $40 to the $200 she usually spends on Z, and buys $240 worth of Z. Did Kristie’s mother’s $100 go to buy only Z?
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37. The ______________ the gap between the tuition a college student pays and the equilibrium tuition for that college, the _____________ likely the student’s instructors will be on time and attentive during their office hours.
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38. For every gift that A gives to B from the first to the tenth gift, A receives a net benefit of $10. The additional cost to A of giving an additional gift is constant at $5. It follows that A’s marginal benefit curve for giving gifts to B is ___________________ (assuming that we place “marginal benefits” on the vertical axis and “number of gifts” on the horizontal axis).
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39. Adrian reads about two theories, A and B. Theory A seems wrong to Adrian and theory B seems correct to Adrian. It follows that
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40. “The theory’s predictions are consistent with what I believe, so now I have good reason to believe what the theory says.” This statement is likely to have been made by a person who believes that
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41. Theory A predicts that the higher the opportunity cost of having a child, the fewer children a woman will have. Which of the following is evidence against the theory if opportunity cost is measured in terms of foregone salary?
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42. A man moves from a large city to a small town. In the small town he seems like a very different person than the person he was in the big city. For instance, he is more polite in the small town than he was in the big city. This could be because
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43. People sometimes act differently in different settings. An economist is likely to explain this by saying
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44. It often appears as if there are “too few” workers at the Department of Motor Vehicles (DMV) to service all of its customers at a given point in time. Based on one of theories discussed in the textbook, this is probably because
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45. The gap between the higher equilibrium tuition and lower student tuition is $4,000 at university A and $10,000 at university B. It follows that
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46. Which of the following is inconsistent with the burglary crime model presented in the textbook?
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47. A theory predicts that all swans are white. A thousand people go out into the field and identify the color of the swans they see. Their results reveal that, of the 10,000 swans they saw, all were white. It follows that
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48. A theory predicts that the more a student studies, the higher his or her grades will be. This theory is
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49. Suppose you go to a high school and identify groups of students sitting at different lunch tables. To you it appears that everyone on the football team sits at one table, everyone who gets really high grades sits at another table, everyone who is in the drama club sits at another table, and so on. This outcome could be
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50. Which of the following is not a prediction of the theory on baseball caps and cheating?
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51. Which of the following is not a prediction of the theory on baseball caps and cheating?
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52. A person who lives in a good-climate city says, “It’s expensive to live here, but at least the climate is free.” In terms of a theory advanced in the textbook, this person has either forgotten or is unaware that
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53. A gift-giver’s efficient number of gifts (to give to a gift-recipient) has fallen from 10 to 8. This could be because
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54. Smith sends her children to a private school on the other side of town. Tuition per student per year is $15,000. Jones sends her children to a public school on her side of town. Tuition per student per year is $0. Most people seem to think that the private school and public school are equivalent when it comes to educating students. According to a theory discussed in the textbook,
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55. Universities A and B are substitutes in the minds of many college students. Initially the student tuition at each university is the same and far below the equilibrium tuition. Then, the tuition at A is raised and B is not. As a result of a rising tuition at A, some students who would have applied and enrolled in A, apply to B instead. Based on the logic presented in one of the theories discussed in the textbook, we would expect that
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56. The bigger the shortage of a good or service, the ____________ the seller of the good or service will be to an individual customer _________. (We are assuming here that the shortage cannot, for legal reasons, be alleviated through a rise in price.)
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57. The instructors at College A are regularly late for their office hours. Based on a theory presented in the textbook, we would predict that the gap between the ______________student tuition and ___________equilibrium tuition is ___________ at College A.
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58. Smith drives his car numerous places. Sometimes he drives his car around his residential neighborhood and sometimes he drives it on the highway. Occasionally, Smith gets peeved with the way other people drive and makes a rude gesture to them. Based on one of the theories discussed in the textbook, he is
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59. Theory B predicts that everything that happens, happens for a reason – although we may not know what the reason is. This theory
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60. Explain what it means to say that a theory is falsifiable or refutable? Give a specific example to help support your answer.
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61. Identify and describe each step of the five-step process outlined in the textbook for building and testing theories.
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