Theme 1 - Markets - Data and Statements
Quiz by Mark Seccombe
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- Q1
Which one of the following is true?
A normative statement is one which never contains words such as ‘is’ or ‘will’ or ‘always’
A normative statement is one which can be scientifically proven to be true or false.
A positive statement is one which never contains words such as ‘could’ or ‘should’
A positive statement is one which can be tested against the facts.
30s1.1.1 - Q2
Which one of the following can be deduced from the turkey data?
Revenue from the sale of turkeys fell in 2007
The price of turkeys fell by 10% from 2006 to 2007
The price of turkeys rose through the whole period 2004-08
Turkeys were 20% cheaper in 2004 than they were in 2008
30s1.1.1 - Q3
Which of the following statements involves a value judgement?
Higher income means higher demand for a normal good
The government must devote more resources to healthcare
More of a good is demanded at lower prices
The provision of public goods involves an opportunity cost
30s1.1.1 - Q4
Which one of the following is a positive economic statement?
An increase in interest rates will reduce house prices.
Pollution is the most serious of all economic problems.
Resources are best allocated via the market mechanism.
Government spending on health care should be increased.
30s1.1.1 - Q5
From the table, showing distribution of income, it may be concluded that, over the period in question,
the distribution of income became more unequal.
the distribution of wealth became more unequal.
there was an improvement in resource allocation
there was a decline in the productivity of low-income households.
30s1.1.1 - Q6
Which one of the following statements involves a value judgement?
Inferior goods have a negative income elasticity of demand.
Economies of scale can lead to lower prices
The government was wrong to increase spending on roads.
The supply of beef is likely to be inelastic in the short run.
30s1.1.1 - Q7
Which one of the following is a normative statement?
Governments must intervene in markets.
Producers and consumers may have to consider opportunity cost when making decisions.
Labour is the human contribution to production.
Economic theory assumes that firms will maximise profits
30s1.1.1 - Q8
From the data, it may be concluded that over the period in question
the bottom income groups experienced a fall in their income
the distribution of wealth became more unequal.
everyone became better off because total income increased.
the distribution of income became more unequal.
30s1.1.1 - Q9
A positive statement in economics is always
correct.
based upon an opinion.
based upon numerical data.
capable of being tested
30s1.1.1 - Q10
Which one of the following can be concluded from the data?
Firm X had a higher level of labour productivity than Firm Y in 2008.
Productivity in both Firms X and Y was in equilibrium in 2010.
Labour productivity was identical in both Firms X and Y in 2011.
Labour productivity fell at a faster rate in Firm X than in Firm Y between 2008 and 2011
30s1.1.1
