IB Economics Introduction Quick Quiz-How do Economists think?

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Social Studies

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11th - 12th Grade

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David smith

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0 Slides • 10 Questions

Multiple Choice

In China, 40% of the economy is based in state-run industries while 60% is based on the private sectors where producers and consumers make production decisions. What type of economy does this reflect?

Mixed

Command

Traditional

Market

Multiple Choice

Consider the statement: ‘The increase in money supply will push the prices downwards’. This is a statement of a:

microeconomist.

both resource economist and microeconomist.

macroeconomist.

resource economist.

Multiple Choice

An economic model:

cannot be rejected.

cannot be tested.

always yields accurate predictions.

is valid if the evidence is consistent with the predictions.

Multiple Choice

The statement: John buys more of good X as his income increases, ceteris paribus, means:

John’s income is being held constant.

John’s purchases of good X are being held constant.

John’s income and purchases of this good are being held constant.

John’s income is the only influence that is being allowed to change.

Open Ended

What should we be thinking about/mindful of when making predictions in Economics?

Type response here

Multiple Choice

Which of the following is a statement of positive economics?

Government control of rent is a fair way to help poor people afford housing.

Government control of rent keeps landlords from charging too much rent.

Government control of rent decreases the number of new apartments constructed.

Government control of rent is an injustice.

Multiple Choice

Positive economics is a/an:

reflection of individual or collective values.

statement dealing with the facts.

statement about normative facts.

analysis of what ought to be.

Multiple Choice

Normative economics deals with _____ and positive economics deals with _____.

opinions, facts

fiction, fact

microeconomics, macroeconomics

negative aspects, positive aspects

Multiple Choice

It is not fair to increase the federal minimum wage because it causes an increase in unemployment among teenagers. This is a:

statement of positive economics.

statement of normative economics.

testable value judgement.

fallacy of composition.

Multiple Choice

'Ceteris paribus' means _________

Other things being changed

Other things being affected

Other things remaining constant

Other remaining parallel

Mixed

Command

Traditional

Market

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