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Economic model: Quiz


Question 1: In 2004 Philip Mirowski challenged this view and those who hold it, saying that chaos in economics is suffering from a biased "crusade" against it by ________ in order to preserve their mathematical models.
MercantilismNeoclassical economicsKeynesian economicsGeorgism

Question 2: The variables in ________ may well be subject to chaos.
Bond (finance)Financial marketDebtFinance

Question 3: A model however establishes an argumentative framework for applying logic and ________ that can be independently discussed and tested and that can be applied in various instances.
Set theoryMathematicsMathematical logicGeometry

Question 4: In ________, a model is a theoretical construct that represents economic processes by a set of variables and a set of logical and/or quantitative relationships between them.
EconomicsKeynesian economicsMoneyHeterodox economics

Question 5: Market models often exclude ________ such as unpunished pollution.
ExternalityPublic goodEconomicsEnvironmental economics

Question 6: In general terms, economic models have two functions: first as a simplification of and abstraction from observed data, and second as a means of selection of data based on a paradigm of ________ study.
Economic historyEconomicsEconometricsHeterodox economics

Question 7: For instance, in calculating the impact of a monetary loosening on output some models estimated a 3% change in ________ after one year, and one gave almost no change, with the rest spread between.
EconomyJEL classification codesGross domestic productEconomics

Question 8: It is straightforward to design an economic models susceptible to ________ of initial-condition sensitivity.
Butterfly effectEdward Norton LorenzChaos theoryAttractor

Question 9: Clearly, by the time ________ came along he had a lot of well-established math to draw from.
Thomas Robert MalthusDavid RicardoRobert Torrens (economist)John Stuart Mill

Question 10: ________ has vigorously argued that these lags are so long and unpredictably variable that effective management of the macroeconomy is impossible.
Robert SolowMilton FriedmanGary BeckerGeorge Stigler


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