Explain the significance of judging theories based on prediction rather than the way its sounds.

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Answer 1

Question

Chapter 32, Problem 1QP

To determine

Explain the significance of judging theories based on prediction rather than the way its sounds.

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Explanation of Solution

Predictions are a stepping stone of believing or not believing a theory because sometimes people want to believe some theories over others, as the theory seems to confirm what people already believe. In real life, before 1960s, people had no idea about wireless mobile phones until its invention. Therefore, people believed that the landline mobile phones is the final invention. However, a scientist predicts with the evidence of technological changes that people will use wireless mobile phones in the future. Since people accept theory because the evidence of the prediction seems to confirm the beliefs of the individuals. Therefore, prediction has more importance than a theory sounds good to people.

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As indicated in the attached image, U.S. earnings for high- and low-skill workers as measured by educational attainment began diverging in the 1980s. The remaining questions in this problem set use the model for the labor market developed in class to walk through potential explanations for this trend. 1. Assume that there are just two types of workers, low- and high-skill. As a result, there are two labor markets: supply and demand for low-skill workers and supply and demand for high-skill workers. Using two carefully drawn labor-market figures, show that an increase in the demand for high skill workers can explain an increase in the relative wage of high-skill workers. 2. Using the same assumptions as in the previous question, use two carefully drawn labor-market figures to show that an increase in the supply of low-skill workers can explain an increase in the relative wage of high-skill workers.

Answer 2

Question

Chapter 32, Problem 1QP

To determine

Explain the significance of judging theories based on prediction rather than the way its sounds.

Expert Solution & Answer

Explanation of Solution

Predictions are a stepping stone of believing or not believing a theory because sometimes people want to believe some theories over others, as the theory seems to confirm what people already believe. In real life, before 1960s, people had no idea about wireless mobile phones until its invention. Therefore, people believed that the landline mobile phones is the final invention. However, a scientist predicts with the evidence of technological changes that people will use wireless mobile phones in the future. Since people accept theory because the evidence of the prediction seems to confirm the beliefs of the individuals. Therefore, prediction has more importance than a theory sounds good to people.

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Answer 3

Question

Chapter 32, Problem 1QP

To determine

Explain the significance of judging theories based on prediction rather than the way its sounds.

Expert Solution & Answer

Explanation of Solution

Predictions are a stepping stone of believing or not believing a theory because sometimes people want to believe some theories over others, as the theory seems to confirm what people already believe. In real life, before 1960s, people had no idea about wireless mobile phones until its invention. Therefore, people believed that the landline mobile phones is the final invention. However, a scientist predicts with the evidence of technological changes that people will use wireless mobile phones in the future. Since people accept theory because the evidence of the prediction seems to confirm the beliefs of the individuals. Therefore, prediction has more importance than a theory sounds good to people.

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Answer 4

Question

Chapter 32, Problem 1QP

To determine

Explain the significance of judging theories based on prediction rather than the way its sounds.

Expert Solution & Answer

Explanation of Solution

Predictions are a stepping stone of believing or not believing a theory because sometimes people want to believe some theories over others, as the theory seems to confirm what people already believe. In real life, before 1960s, people had no idea about wireless mobile phones until its invention. Therefore, people believed that the landline mobile phones is the final invention. However, a scientist predicts with the evidence of technological changes that people will use wireless mobile phones in the future. Since people accept theory because the evidence of the prediction seems to confirm the beliefs of the individuals. Therefore, prediction has more importance than a theory sounds good to people.

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Answer 5

Chapter 32, Problem 1QP

To determine

Explain the significance of judging theories based on prediction rather than the way its sounds.

Expert Solution & Answer

Explanation of Solution

Predictions are a stepping stone of believing or not believing a theory because sometimes people want to believe some theories over others, as the theory seems to confirm what people already believe. In real life, before 1960s, people had no idea about wireless mobile phones until its invention. Therefore, people believed that the landline mobile phones is the final invention. However, a scientist predicts with the evidence of technological changes that people will use wireless mobile phones in the future. Since people accept theory because the evidence of the prediction seems to confirm the beliefs of the individuals. Therefore, prediction has more importance than a theory sounds good to people.

Answer 6

Chapter 32, Problem 1QP

To determine

Explain the significance of judging theories based on prediction rather than the way its sounds.

Expert Solution & Answer

Explanation of Solution

Predictions are a stepping stone of believing or not believing a theory because sometimes people want to believe some theories over others, as the theory seems to confirm what people already believe. In real life, before 1960s, people had no idea about wireless mobile phones until its invention. Therefore, people believed that the landline mobile phones is the final invention. However, a scientist predicts with the evidence of technological changes that people will use wireless mobile phones in the future. Since people accept theory because the evidence of the prediction seems to confirm the beliefs of the individuals. Therefore, prediction has more importance than a theory sounds good to people.

Answer 7

Chapter 32, Problem 1QP

To determine

Explain the significance of judging theories based on prediction rather than the way its sounds.

Answer 8

Expert Solution & Answer

Explanation of Solution

Predictions are a stepping stone of believing or not believing a theory because sometimes people want to believe some theories over others, as the theory seems to confirm what people already believe. In real life, before 1960s, people had no idea about wireless mobile phones until its invention. Therefore, people believed that the landline mobile phones is the final invention. However, a scientist predicts with the evidence of technological changes that people will use wireless mobile phones in the future. Since people accept theory because the evidence of the prediction seems to confirm the beliefs of the individuals. Therefore, prediction has more importance than a theory sounds good to people.