Ch 2 Review

Ch 2 Review

11th Grade

20 Qs

quiz-placeholder

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Ch 2 Review

Ch 2 Review

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Maryann Williams

Used 8+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which is a normative statement?

Portugal's corporate tax rate is 21%

India's unemployment rate is 14% in 2022

Spain's govt needs to raise spending on infrastructure

China's inflation rate is 2.92%

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The statement "Higher economic growth is more important objective than a healthy trade balance" is an example of

Factual Statement

Positive Statement

Normative Statement

Hypothesis

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

"NYC achieved 3% GDP in 2022." This is an example of a

Positive Statement

Normative Statement

Theory

Hypothesis

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which theory suggests that when goods and services are produced, income is generated for those who help produce the products. In turn, this generates the workers increasing their demand for goods and services. "Supply creates its own demand" is the theory of

The law of demand

The law of diminishing marginal returns

The law of diminishing marginal utility

Say's Law

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Positive economics focuses on ____________ that are based on ____________

opinions, economic models

statements, facts

opinions, empirical evidence

statements, beliefs of society

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which is NOT a part of positive economics?

Hypotheses

Refutation

Theories

Value judgements

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Equality is

fairness in how income, wealth, and resources are distributed

income gaps between people are minimized in order to achieve a similar standard of living

sustainable development

opportunity cost is always present due to scarcity

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