Short Quiz

[johnkarls]

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Editorial Note = The following questions are offered by someone who majored in economics before heading to law school (Yours Truly) to provide context for how a psychologist could win the Nobel Prize for economics.

1. What does the Latin phrase “ceteris paribus” mean?

2. Why was “ceteris paribus” famous in academic circles?

3. Why did it become a derogatory term beginning in the 1960’s? Did this have anything to do with MIT’s Economics Department permanently displacing Harvard’s at the top of the list?

4. Why have economics students historically hated mathematics students?

5. What is the difference between Macro- and Micro-Economics?

6. What is a multiple regression analysis?

7. Are multiple-regression analyses used in both Macro- and Micro-Economics?

8. After the empirical data is gathered to make possible a multiple-regression analysis of what factors have the highest correlations with the observed fact, is it proper to conclude that the correlative factors are causative or is there still a chance that the correlations are coincidence?

9. In other words, do we still need a David Kahneman to investigate whether the correlations are causative or coincidence?