Question Description
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer?.

Solutions for DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT. Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.

Here you can find the meaning of DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice CAT tests.