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134) A normative statement is 134) A) about what is. B) about what ought to be. C) one that does not use the ceteris paribus clause. D) always true. 135) Which of the following is a positive statement? 135) A) My favorite dinner is pizza and soda. B) The government must provide health insurance so that the poor can obtain decent medical treatment. C) The government should spend more on education. D) An increase in the price of pizza will lead fewer students to buy pizza. 136) An economic model includes 136 A) only details considered essential. B) all known details in order to increase its accuracy. C) no use of ceteris paribus. D) post hoc statements. 137) The Latin term ceteris paribus means 137) A) "false for the whole, false for the parts." B) "buyer beware." C) "other things the same." D) "true for the parts not necessarily true for the whole." 138) One student in a football stadium with 30,000 students can see the game better if he or she 138) stands up. Assuming that all 30,000 students can each see the game better if they all stand is an example of the A) fallacy of large numbers. B) post hoc fallacy. C) fallacy of composition. D) fallacy of ceteris paribus. 139) The post hoc fallacy is the 139) A) assertion that what is true for parts of the whole must be true for the whole. B) incorrect use of ceteris paribus in order to study the impact of one factor. C) claim that normative statements are less important than positive statements. D) claim that one event caused another because the one event came first. 140) Economics can be defined as the social science that explains the 140) A) choices that we make as we cope with scarcity B) choices made by households C) choices made by politicians D) choices we make when we trade in markets 141) Scarcity is a situation in which 141) A) something is being wasted B) long lines form at gas stations C) some people are poor and others are rich D) we are unable to satisfy all our wants125) An economic expansion follows a stock market boom. A cautious economist would not claim 125) that the stock market caused the expansion because the economist wants to avoid A) the fallacy of composition, which states that what is true of the parts is true of the whole. B) the post hoc fallacy, which states that what is true of the parts is true of the whole. C) the fallacy of composition, which is an error in reasoning from timing to cause and effect. D) the post hoc fallacy, which is an error in reasoning from timing to cause and effect. 126) Most economists agree that 126) A) rent ceilings cut the availability of housing. B) tariffs and import restrictions make most people worse off. C) a minimum wage increases unemployment among young workers and low-skilled workers. D) all of the above 127) The fact that wants cannot be fully satisfied with available resources reflects the definition of 127) A) scarcity. B) the big tradeoff. C) the what tradeoff. D) for whom to produce. 128) Studying the effects choices have on the individual markets within the economy is part of 128) A) microeconomics. B) scarcity. C) incentives. D) macroeconomics. 129) Which of the following is NOT part of the first big economic question? 129) A) How are goods and services produced? B) Why do incentives affect only marginal costs? C) What goods and services are produced? D) For whom are goods and services produced? 130) The question, "Should Taco Bell produce more tacos or more burritos?" is an example of the 130 A) "for whom" question. B) "how" question. C) "what" question. D) "where" question. 131) The fact that KFC decides to produce chicken rather than meatloaf best reflects 131) tradeoff. A) a what B) an incentive C) a for whom D) a how 132) From 8 p.m. to 10 p.m., Susan can attend a movie, study, or talk with friends, Suppose that 132) Susan decides to go to the movie but thinks that, if she hadn't, she would otherwise have talked with friends. The opportunity cost of attending the movie is A) two hours of time. B) studying. C) talking with friends and studying. D) talking with friends. 133) When the government hires people to serve in the army, these people are no longer available to 133) do other work. This choice illustrates the concept of A) opportunity cost. B) a social interest / private interest conflict. C) marginal benefit. D) an incentive.117) The fallacy of composition is 117 A) an expression that means "other things being equal." B) the (false) statement that what is true of the parts is true of the whole or what is true of the whole is true of the parts. C) the error of reasoning that a first event causes a second event because the first event occurred before the second event. D) a statement about the way the economic world ought to be. 118) "Hunting limits on deer help ensure a constant population. Therefore, if I only hunt to my limit, 118) there will be sufficient deer for all." This statement is an example of a possible A) ceteris paribus fallacy. B) post hoc fallacy. C) fallacy of composition. D) normative statement. 119) To better see a football game, one spectator stands. Assuming that everyone trying to get a 119) good view of the game can also stand represents an example of the A) opportunity cost fallacy. B) fallacy of truth. C) post hoc fallacy. D) fallacy of composition. 120) The post hoc fallacy is the error of reasoning 120) A) from models to predictions. B) from predictions to theories. C) from timing to cause and effect. D) from cause and effect to models. 121) You are not surprised that it has started to rain. After all, a hour ago you just finished washing 121) your car. Your reasoning is an example of A) the ceteris paribus assumption. B) the distinction between positive and normative statements. C) the post hoc fallacy. D) the fallacy of composition. 122) The post hoc, ergo propter hoc fallacy is 122) A) a statement about the way the economic world ought to be. B) the error of reasoning that a first event causes a second event because the first event occurred before the second event. C) an expression that means "other things being equal." D) the (false) statement that what is true of the parts is true of the whole or what is true of the whole is true of the parts. 123) A rooster crows and then the sun rises. The rooster thinks that the sun rises because he crows. 123) And he is very proud of it. The rooster falls prey to A) the fallacy of composition. B) his self interest. C) marginal thinking. D) the post hoc fallacy. 124) "Every time I go to a basketball game, our team wins." This statement is an example of 124) A) a normative economic statement. B) fallacy of composition. C) post hoc fallacy. D) ceteris paribus fallacy. E101) The author of the book The Wealth of Nations is 101) A) James Madison. B) Thomas Carlyle. C) Adam Smith. D) John Pierpont Morgan. 102) Allowing only one factor to vary at any given time, keeping all other factors constant, is using 102) the technique of A) post hoc. B) compensation. C) ceteris paribus. D) composition. 103) Holding all variables except one constant and assessing the impact of the one variable which 103) has changed is an example of using A) the ceteris paribus assumption. B) a flawed economic model. C) an untestable proposition. D) normative economic analysis. 104) Ceteris paribus is the Latin expression for 104) A) a statement about the way the economic world ought to be. B) an expression that means "other things being equal." C) the (false) statement that what is true of the parts is true of the whole or what is true of the whole is true of the parts. D) the error of reasoning that a first event causes a second event because the first event occurred before the second event. 105) The expression that means "other things being equal" is 105) A) the post hoc fallacy. B) The fallacy of composition. C) normative economics. D) ceteris paribus. 106) The Latin term "ceteris paribus" means 106 A) "what is true of the whole is not necessarily true of the parts." B) "false unless proven true." C) "after this, therefore because of this." D) "other things being equal." 107) "Ceteris paribus" means 107) A) what is. B) that which will be. C) other things being equal. D) what ought to be. 108) The term "ceteris paribus" means 108 A) using market mechanisms. B) the study of scarcity and choice. C) all other things remaining constant or equal. D) value free and testable. 109) "Ceteris paribus" means 109 A) let the buyer beware. B) for certain parameters. C) making all the necessary changes. D) other things being equal.92) Suppose that an economist tells you that people in the United States do not save enough out of 92) their incomes. This is an example of statement. A) a ceteris paribus B) a positive C) a normative D) an autonomous 93) The task of economic science is to discover that are consistent with 93) A) positive statements; normative statements B) positive statements; what we observe C) normative statements; positive statements D) ways to make money; the law 94) Economic models 94) A) are essentially different from those used in other sciences. B) include all relevant facts. C) always use graphs. D) simplify reality. 95) Economic models 95) A) are better if they include most of the detail of the real economy. B) rely on simplification. C) do not address questions about the economy. D) make no assumptions that have not been proved. 96) An economic theory is 96) A) a generalization that summarizes what we understand about economic choices. B) a positive statement that cannot use the ceteris paribus clause. C) usually more complex than the real world. D) always a mathematical, or nonverbal, model. 97) Three steps that economists take to discover how the economic world works are 97) A) model building; speculation; and, revision. B) observation and measurement; model building and, testing models. C) data mining; data testing; and, drawing conclusions. D) speculation; observation and measurement; and, drawing conclusions. 98) The birth of economics as an intellectual discipline can be dated fairly precisely in the 98) eighteenth century with A) the publication of the book, The Wealth of Nations. B) the opening of the London stock exchange. C) the development of the factory system. D) the introduction of paper currency. 99) Who wrote The Wealth of Nations? 99) A) Adam Smith B) Michael Parkin C) Thomas Jefferson D) Karl Marx 100) Adam Smith wrote the book 100 A) Poverty and Progress. B) The Dismal Science. C) First Principles of Economics. D) The Wealth of Nations.83) Which of the following is a normative statement? 83) A) Forty percent of the public believes that the unemployment rate is too high. B) The unemployment rate rose last month. C) The unemployment rate is too high. D) all of the above 84) "Government should act to reduce poverty levels." 84) A) This statement is an example of the fallacy of composition. B) This statement is an example of the post hoc fallacy. C) This statement is a normative statement. D) This statement is a positive statement. 85) When Susan makes the statement, "The government should spend less money to take care of 85) national parks," she is A) facing the standard of living tradeoff. B) testing an economic model. C) making a positive statement. D) making a normative statement. 86) "All children should have health insurance" is a 86) A) post hoc fallacy. B) normative statement. C) fallacy of composition. D) positive statement. 87) "The rich should pay higher income tax rates than the poor" is an example of a 87) A) normative statement. B) theoretical statement. C) positive statement. D) descriptive statement. 88) Which of the following is a normative statement? 88) A) Taking extra vitamin C prevents catching a cold. B) States should require all motorcycle riders to wear helmets to reduce the number of riders killed. C) Studying more hours leads to an increase in your GPA. D) An increase in tax rates means people work fewer hours. 89) Which of the following is a normative statement? 89) A) Low rents are good because they make apartments more affordable. B) Low rents will restrict the supply of housing C) Owners of apartment buildings are free to charge whatever rent they want. D) Housing costs are rising 90) Which of the following is an example of a normative statement? 90) A) Government spending rose in the 1990s. B) Household consumption is the largest component of spending. C) Households should save more. D) The business sector is the primary source of jobs. 91) Which of the following is a normative statement? 91) A) The current butter surplus is the result of federal policies. B) Next year's inflation rate will be under 4 percent. C) The government's cuts in welfare spending impose an unfair hardship on the poor. D) Consumers will buy more gasoline over the Christmas holiday even if the price of gas is 10 cents higher than it was during the Thanksgiving holiday.73) The statement "An increase in the price of gasoline will lead to a decrease in the amount 73) purchased" is A) a political statement. B) a positive statement. C) a scientific statement. D) a normative statement. 74) Which of the following is a positive statement? 74) A) My economics class should last for two terms because it is my favorite class. B) The government must lower the price of a pizza so that more students can afford to buy it. C) The best level of taxation is zero percent because then people get to keep everything they earn. D) An increase in tuition will cause fewer students to apply to college. 75) Which of the following is a positive statement? 75) A) Low rents will restrict the supply of housing. B) Housing costs too much. C) Low rents are good because they make apartments more affordable. D) Owners of apartment buildings ought to be free to charge whatever rent they want. 76) The statement "The unemployment rate for teens is higher than that for adults" is 76) A) a normative statement. B) a political statement. C) an ethical statement. D) a positive statement. 77) The statement "Prices rise more in countries with rapid growth in the money supply" is 77) A) an ethical statement. B) a normative statement. C) a political statement. D) a positive statement. 78) Statements about what ought to be are called 78) A) normative statements. B) implications. C) assumptions. D) positive statements. 79) Normative statements are statements about 79) A) what ought to be. B) quantities. C) what is. D) prices. 80) A normative statement is 80) A) one that does not use the ceteris paribus clause. B) about what ought to be. C) always true. D) about what is. 81) In economics, normative statements are about 81) A) the way things ought to be. B) the way things are. C) marginal costs, not marginal benefits. D) marginal benefits, not marginal costs. 82) Which of the following is a normative statement? 82) A) The price of candy bars is $1.25 each. B) Popcorn and candy are sold in movie theaters. C) Candy bars are more expensive than newspapers. D) You should eat less candy.65) Which of the following are true regarding "positive" statements? 65) I. They describe what "ought to be." II. They describe what is believed about how the world appears. III. They can be tested as to their truthfulness. A) II and III B) I and II C) I and III D) I, II and III 66) Positive and normative statements differ in that 66) A) normative statements depict "what is" and positive statements depict "what ought to be." B) positive statements can be graphed, whereas normative statements cannot. C) normative statements can be tested, whereas positive statements cannot. D) positive statements can be tested, whereas normative statements cannot. 67) Which of the following is an example of a positive statement? 67) A) Business firms ought to contribute more to charities. B) Government should not redistribute income. C) The foreign sector should be more tightly controlled. D) Households are the primary source of saving. 68) Which of the following is an example of a positive statement? 68) A) The Federal Reserve ought to cut the interest rate. B) Increasing the minimum wage results in more unemployment. C) We should cut back on our use of carbon-based fuels such as coal and oil. D) Every American should have equal access to health care. 69) Which of the following is a positive statement? 69) A) A 10 percent increase in income leads to a 4 percent increase in the consumption of beef. B) My economics class should last for two terms because it is my favorite class. C) Given their negative impact on productivity, the government should eliminate labor unions. D) Taxes should be lower because then people get to keep more of what they earn, so they will work more. 70) When Al makes the statement, "The cost of living has increased 10 percent over the past 10 70) years," he is A) making a normative statement. B) facing the standard of living tradeoff. C) testing an economic model. D) making a positive statement. 71) Which of the following is a positive statement? 71) A) State lotteries are good methods to use for raising revenues. B) Increased prison sentences are the best way to reduce the crime rate. C) Inflation is a more serious problem than is deflation. D) An increase in gas prices leads people to carpool more. 72) The statement "Managers with a college education earn $18 an hour while ski instructors who 72) did not complete college earn $10" is A) an ethical statement. B) a political statement. C) a normative statement. D) a positive statement