
3.1.1.1 Economic Methodology
Authored by James Hannaford
Social Studies
Professional Development
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the ceteris paribus assumption mean in economic models?
"All other things being equal"
"Only one variable changes"
"All variables change"
"No variables are constant"
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a positive statement in economics?
"We need more economic reforms."
"Income inequality is harmful to society."
"The government should increase the minimum wage."
"An increase in the minimum wage will lead to higher unemployment among low-skilled workers."
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What distinguishes economics from natural sciences?
Economics deals with human behaviour.
Economics uses only qualitative data.
Economics has no theoretical models.
Economics does not use empirical observation.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which model is used to understand how changes in economic activity affect employment, inflation, and growth?
Aggregate demand-aggregate supply model
Rational choice model
Supply and demand model
Behavioral economics model
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary focus of macroeconomic models?
Overall level of economic activity
Individual consumer behavior
Specific market transactions
Corporate finance strategies
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement is an example of a normative statement in economics?
"A decrease in taxes can lead to economic growth."
"The government should increase the minimum wage to reduce income inequality."
"Higher interest rates reduce inflation."
"Unemployment rates have increased."
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How are economic models useful?
They focus solely on historical data.
They eliminate the need for empirical data.
They provide exact predictions for individual behaviors.
They simplify complex real-world situations.
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