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Economists try to address their subject with a scientist's objectivity.

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While the scientific method is applicable to studying natural sciences,it is not applicable to studying a nation's economy.

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When economists are trying to explain the world,they are scientists,and when they are trying to help improve the world,they are policy advisers.

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A circular-flow diagram is a visual model of the economy.

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When a variable that is named on an axis of a graph changes,the curve shifts.

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When a variable that is not named on either axis of a graph changes,we read the change as a movement along the curve.

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The President counts among his economic advisors the Congressional Budget Office.

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Microeconomics and macroeconomics are closely intertwined.

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.The opportunity cost of moving from point B to point D is 15 doghouses. -Refer to Figure 2-14.The opportunity cost of moving from point B to point D is 15 doghouses.

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Economic models omit many details to allow us to see what is truly important.

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Different values are not a reason for disagreement among economists.

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Economists usually have to make do with whatever data the world happens to give them.

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Changes in one variable on a graph might be caused by the other variable on the graph or by a third omitted variable.

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.It is possible for this economy to produce 75 doghouses. -Refer to Figure 2-14.It is possible for this economy to produce 75 doghouses.

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The Council of Economic Advisers consists of thirty members and a staff of several dozen economists.

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The slope of a horizontal line is infinite,and the slope of a vertical line is zero.

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A pie chart is a way to display information regarding two variables.

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When a production possibilities frontier is bowed outward,the opportunity cost of one good in terms of the other is constant.

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When a production possibilities frontier is bowed outward,the opportunity cost of the second good in terms of the first good increases as more of the second good is produced.

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Figure 2-14 Figure 2-14 -Refer to Figure 2-14.Given the technology available for manufacturing doghouses and dishwashers,this economy does not have enough of the factors of production to support the level of output represented by point C. -Refer to Figure 2-14.Given the technology available for manufacturing doghouses and dishwashers,this economy does not have enough of the factors of production to support the level of output represented by point C.

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