Econ434MC1 - Topic 1: Economic Methodology and the...

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Topic 1: Economic Methodology and the Behavioral Sciences: 1. The terms “ paradigm” or “intellectual gestalt” or “ weltanschauung ” that underpin a theory refer to the: (a) relative realism and maturity of the structure of analysis. (b) educational level of the thinker. (c) framework of ideas shared among a group of thinkers who use similar techniques and worldviews to attack problems. (d) geographical region from which the theory emerged. (e) generation in which the thinker wrote. 2. Sets of assumptions shared by most of the thinkers or researchers who focus on a set of closely related disciplines during a given era are foundations for: (a) a paradigm. (b) systemic failures. (c) stylized mathematical models. (d) normative biases. 3. In The Nature of Scientific Revolutions , Thomas Kuhn hypothesizes that, for long periods in history: (a) practitioners of such “hard” sciences as math, chemistry or physics have had a much more powerful analytical framework [paradigm] than have such “soft” scientists as historians, economists, or psychologists. (b) most scientists accept a fairly static “paradigm” that limits focus, and that explosive growth in human knowledge follows adoption of a new paradigm that departs radically from the older paradigm. (c) scientific understanding has improved linearly. (d) scientific advances are proportional to the sophistication of quantitative techniques. (e) the most creative scientists have been atheists. 4. The most synonymous of the following terms for school of thought would be: (a) ideology. (b) weltschmerz. (c) paradigm. (d) discipline. (e) kindergarten. 5. Epistemology entails the study of human knowledge, and thus, deals with the issues of what economists know and how they know it. In categorizing what economists do, epistemology would be classified as dealing with problems of: (a) metaphysics. (b) econometrics. (c) methodology;. (d) macroeconomics, (e) microeconomics. (f) normative economics. (g) positive economics. 6. The theory that everything in the universe is perfectly predictable if we correctly understood the mechanisms of logic, mathematics, chemistry, and physics, is known as: (a) determinism. (b) destination. (c) transcendentalism. (d) Platonism. (e) scholasticism. 7. Scientific studies intended to explain empirical phenomena with mechanistic models that posit cause-and-effect relationships are based on a perspective known as: (a) stochasticity. (b) metaphysics. (c) determinism. (d) predestination. (e) atheism. 8. “Laplace’s demon” [named after Pierre-Simon, Marquis de Laplace [1749-1827], and also sometimes known as “Maxwell’s demon”] addresses the possibility that if a demon fully understood the laws of physics and knew the position of every particle in the universe at any given point in time, that “nothing could be uncertain and the future just like the past would be present before its [the demon’s] eyes." This theory of the universe is known as: (a) hysterisis. (b) path dependence. (c) determinism. (d) spiritualism. (e) reductionism.
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Econ434MC1 - Topic 1: Economic Methodology and the...

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