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Assignment From Lecture 1 Multiple Choice Questions: Name: Nawreen, Johora Siddika ID: 2020280421

This document contains an assignment with multiple choice questions from lecture 1 on economics. It also contains examples of different types of business journalism: economic journalism links to an article about FDI in India during COVID-19; finance journalism links to an article about the stock market; consumer journalism links to an article about big box store profits increasing during the pandemic; commercial journalism links to an article about the TikTok-Oracle deal; personal finance journalism links to an article about health insurance rebates; and regulatory/legal journalism links to an article about charges against Iranians for hacking a satellite firm.

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73 views

Assignment From Lecture 1 Multiple Choice Questions: Name: Nawreen, Johora Siddika ID: 2020280421

This document contains an assignment with multiple choice questions from lecture 1 on economics. It also contains examples of different types of business journalism: economic journalism links to an article about FDI in India during COVID-19; finance journalism links to an article about the stock market; consumer journalism links to an article about big box store profits increasing during the pandemic; commercial journalism links to an article about the TikTok-Oracle deal; personal finance journalism links to an article about health insurance rebates; and regulatory/legal journalism links to an article about charges against Iranians for hacking a satellite firm.

Uploaded by

J. Nawreen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Name: Nawreen, Johora Siddika ID: 2020280421

ASSIGNMENT FROM LECTURE 1

Multiple Choice Questions

Chapter 1

1. All of the following can be considered a student's costs of going to college, EXCEPT:
a) textbooks
b) tuition and fees.
c) room and board (that costs her about the same as she was paying before entering college).
d) the student's time, which can no longer be devoted to earning a salary

2. Government policies designed to promote efficiency:


a) usually do so at the expense of equity
b) tend to cause the economy to grow more slowly
c) always fail
d) require very high taxes.

3. An airline's plane from Los Angeles to New York is about to take off, but it still has a few
seats empty. If the average cost per seat is $500, what price should the airline charge passengers in
standby to fill in those remaining seats? (Consider that quantitative decisions are made at the
margin)
a) At least $500
b) Exactly $500
c) Any price above zero that will entice standby passengers to take the flight.
d) Slightly less than $500

4. The government enacted regulation requiring people to wear seatbelts in their cars. All of the
following resulted from this regulation, EXCEPT:
a) overall deaths due to car accidents changed very little
b) fewer deaths occurred per accident
c) fewer pedestrians were killed in car accidents
d) the frequency of accidents increased

5. When two persons trade goods:


a) one person always gains at the expense of the other.
b) both persons usually gain from the exchange
c) one person usually gains at the expense of the other
d) the overall well being of the two persons remains unchanged

6. In a market economy, the decisions of what and how much to produce are made by:
a) voters in elections
Name: Nawreen, Johora Siddika ID: 2020280421

b) all producers and consumers


c) the government only
d) non governmental agencies

7. Even though markets do a great job in organizing economic activity, governments are needed
to do all of the following EXCEPT:
a. establish and enforce property rights.
b. intervene when markets fail due to externalities.
c. intervene when markets fail due to market power.
d. decide what and how much should be produced.

8. Living standards in China have risen tremendously over the years, mainly due to:
a. relentless increases in the productivity of labor over the years.
b. the forceful efforts of labor unions.
c. successive increases in the minimum wage.
d. trade protection from competition

Chapter 2

1. Economists use assumptions in order to:


a. recreate real situations accurately, with all their complexity.
b. avoid dealing with issues they would rather not talk about.
c. simplify economic theories, so as to make it possible to answer economic questions.
d. make their theories more realistic.

2. Which of the following is FALSE, regarding economics as a science?


a. Economic knowledge is obtained through the scientific method, just as in any other science.
b. It is difficult to conduct experiments in economic matters.
c. Economists pay close attention to natural experiments resulting from historical events.
d. Economic theories represent irrefutable facts.

3. Economic models are:


a. simplified versions of economic theories.
b. created by making assumptions.
c. usually composed of diagrams and equations.
d. all of the other options are true.

4. Which of the following is true regarding the Production Possibilities Frontier Model of the
economy?
a. Any point along the PPF represents an efficient level of production.
b. Any point in the area below the PPF represents a combination of production that is not
feasible.
c. The opportunity cost of producing one more unit of one of the goods represented in the PPF
Name: Nawreen, Johora Siddika ID: 2020280421

remains the same at any point along the PPF.


d. Increases in the resources available for production will cause the PPF to shift towards the
origin.

5. Economic growth in the economy can be portrayed in the Production Possibilities Frontier
model as a:
a. movement up and to the left along the PPF.
b. shift of the PPF away from the origin.
c. movement down and to the right along the PPF.
d. shift of the PPF towards the origin.

6. Microeconomics is the study of:


a. how governments can get the economy out of a recession.
b. economy-wide phenomena, including inflation, unemployment, and economic growth.
c. how households and firms make decisions and how they interact in markets.
d. how governments can reduce inflation.

7. Which of the following is an example of a normative statement?


a. Higher interest rates will cause people to borrow and invest less.
b. The government should increase spending during recessions, so that the economy recovers
quickly.
c. When the price of a good increases, consumers respond by reducing the quantity that they
want to purchase of the good.
d. Over the past 50 years, the number of women that participate in the labor force has increased
dramatically.

8. Economists tend to disagree with each because:


a. different economists espouse different theories, so they believe different things are going on
in the economy.
b. different economists make different assumptions, leading them to different conclusions in
economic matters.
c. different economists have different values and priorities in economic matters.
d. all the other options are true.

II. APPLICATIONS

Business journalism includes economic journalism, finance journalism, consumer journalism,


commercial journalism, personal finance journalism and regulatory/legal journalism. Please give
one example of each type of business journalism. List links of these news articles.
Name: Nawreen, Johora Siddika ID: 2020280421

Economic
journalism- https://economictimes.indiatimes.com/news/economy/finance/india-received-20-
billion-in-fdi-during-covid-19-pandemic-harsh-shringla/articleshow/78127634.cms

Finance
journalism- https://finance.yahoo.com/news/stock-market-news-live-september-17-2020-
223005390.html

Consumer
journalism- https://www.nbcnews.com/business/consumer/tale-two-pandemics-big-box-stores-
rake-record-profits-while-n1237464

Commercial journalism-
https://edition.cnn.com/2020/09/17/tech/tiktok-oracle-deal/index.html

Personal finance journalism-


https://www.cnbc.com/2020/09/17/a-piece-of-2point7-billion-in-health-insurance-rebates-could-
be-coming-.html

Regulatory/Legal journalism-
https://www.reuters.com/article/us-usa-iran-cyber/u-s-charges-three-iranians-over-satellite-tech-
firm-hacking-idUSKBN268310

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