1. The key component in constructing economic theory that involves developing models representing economic relationships is
B. Conceptual Frameworks
A conceptual framework helps structure the theory by organizing key concepts and relationships.
2. The function of economic theory that involves predicting future economic events and trends is
B. Predictive Capability
This allows economists to forecast future occurrences such as inflation or unemployment.
3. The common purpose of assumptions in economic theories is
C. To isolate specific variables. Assumptions simplify the models by focusing on particular factors while temporarily ignoring others.
4. Economic theories contribute to policy-making by
B. Providing a basis for designing effective policies
Theories help policymakers structure responses to economic challenges based on evidence and models.
5. The role of mathematical formulation in economic theories is
B. It quantifies relationships and concepts
This allows for precise measurement and analysis of economic variables.
6. The function of economic theory that serves as a foundation for future research is
C. Basis for Further Research
It helps in building upon existing theories and expanding knowledge.
7. Empirical verification in economic theory
C. Assesses the validity and applicability of the theory.
It ensures that the theory works in real-world scenarios.
8. In educational settings, the primary purpose of economic theories is
B. To serve as a framework for understanding economic behavior. Theories provide students with structured ways to analyze and comprehend economic systems.
9. The component involving observation and data collection is
C. Observation and Data Collection. Gathering empirical data is critical in developing a theory.
10. Economic theories are
B. Subject to refinement based on new data and insights.
As economies evolve, theories must adapt to new conditions and data.
11. Mathematical formulation assists in practical application by
B. It quantifies relationships for precise analysis
Enabling clear and measurable analysis of complex economic systems.
12. In practice, the function of economic theory that helps manage inflation and unemployment is
C. Policy Formulation.
Policymakers use these theories to design interventions to stabilize the economy.
13. In formulating economic policies, considering the allocation of resources is essential to
B. Ensure efficient use of available resources.
This prevents wastage and improves the overall productivity of an economy.
14. Assumptions in economic theories
B. Serve as a basis for practical implementation.
They simplify theoretical models, making them applicable to real-world situations.
15. A key benefit of economic theories with predictive capability is
A. They provide accurate forecasts of economic events.
This allows businesses and governments to prepare for future economic changes.
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BSED Major in Social Studies 2
SachbücherThese materials provide lecture notes, quizzes, and resources for BSED Social Studies students, covering key topics such as history, geography, economics, and political science. Marjhon Mascardo shares a personal note, reflecting on his college jour...
