Study Questions_Test 1

Study Questions_Test 1 - `Travis Kennedy Questions for...

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Unformatted text preview: `Travis Kennedy Questions for Test #1 With Answers ECONOMICS 30243 Contending Perspectives in Economics Study Questions for Semester (Spring 2008) INSTRUCTIONS: These questions are to help guide your studying. Though these exact questions may not appear on your exams, the tests will be based entirely on this list . I’ve already answered all the questions (I have a PhD in this stuff!) and so as to give you an idea of how much you need to say I have told you how many words in took me to do each one. A really good method as you are working is to imagine that you are explaining to a classmate (i.e., someone who is familiar with the general concepts but doesn’t know the answer to that particular question). Questions are grouped by their source. For examples, questions based on lecture material have Lecture before them, and then appear without spaces between them. For questions where answers can be found in the reading, the specific chapter of the book is given and the questions are then grouped without spaces. BACKGROUND Lecture 1. Distinguish between validity and cogency. [25 words]- An argument is valid if the conclusion is supported by the premises. An argument is cogent if it is valid & the premises are warranted. 2. What is economics? [16 words]- Economics is the social science that studies the production, distribution, & consumption of goods, services, & resources. 3. What is microeconomics? [36 words]- Micro is a branch of Econ that studies how individuals , households , and firms make decisions regarding the acquisition and distribution of resources and output, typically in markets where goods and services are being bought and sold. 4. What is macroeconomics? [28 words]- The study of economics in terms of whole systems, especially with reference to general levels of output and income & to the interrelations among sectors within the economy. 5. What is a paradigm/school of thought? [10 words]- A set of assumptions, concepts, values, & practices that constitutes a way of viewing reality for the community that shares them, especially in an intellectual discipline. 6. Define and explain the difference between Kuhn’s normal and revolutionary science. [122 words]-Normal science is the relatively routine work of scientists experimenting within a paradigm, slowly accumulating detail in accord with some established broad theory (puzzle solving). It tends to generate conservatism in terms of the acceptance of that broad theory. Anomalies may accumulate, however. So long as they are not dismissed as errors in observation or minor outliers, these create the pressure that leads to revolutionary science- the exploration of alternative theories that reject long-held axioms. This will be strongly resisted but may in the end lead to a paradigm shift. In that event, the new theory will be incomplete with many puzzles to be solved. This ushers in a new period of normal science....
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This test prep was uploaded on 04/21/2008 for the course ECON 30233 taught by Professor Harvey during the Spring '08 term at TCU.

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Study Questions_Test 1 - `Travis Kennedy Questions for...

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