Lesson 1.1.1
1.1.1 Economics as a social science Quiz: Pearson Edexcel Economics, Unit 1
20 questions
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Lesson 1.1.1, Economics as a social science: 20 multiple choice questions for the Pearson Edexcel Economics (9EC0), Unit 1: Theme 1: Introduction to markets and market failure, written with Revision Ninja.
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The 20 questions
-
What does the Latin term 'ceteris paribus' mean in economic modelling?
- All else equal
- Prices are fixed
- All variables change
- Costs are zero
-
Why can economists rarely conduct controlled scientific experiments?
- Data is unavailable
- Human behaviour fixed
- No economic models
- Cannot isolate variables
-
What is an economic model primarily used for?
- Simplifying economic reality
- Measuring exact values
- Replacing real markets
- Eliminating financial risk
-
Why do economists use assumptions when building models?
- To guarantee profit
- To collect data
- To eliminate uncertainty
- To simplify reality
-
Which assumption is commonly made about consumer behaviour in neoclassical economics?
- Utility maximisation
- Loss minimisation
- Altruistic spending
- Random choice
-
Why is economics classified as a social science rather than a physical science?
- Ignores empirical data
- Uses controlled experiments
- Produces exact laws
- Studies human behaviour
-
What makes a simplified economic model useful despite unrealistic assumptions?
- Guarantees exact accuracy
- Eliminates all risk
- Provides moral guidance
- Generates testable predictions
-
Which term describes holding variables like consumer income constant when analysing price changes?
- Opportunity cost
- Moral hazard
- Diminishing returns
- Ceteris paribus
-
Which type of statement can be tested against real-world evidence?
- Normative statement
- Value judgement
- Moral statement
- Positive statement
-
Which term describes a subjective opinion about what ought to happen in an economy?
- Positive statement
- Empirical evidence
- Value judgement
- Scientific law
-
Statements that describe objective facts and can be tested against data are known as what?
- Value judgements
- Ethical statements
- Positive statements
- Normative statements
-
Which assumption holds demand constant while analysing the impact of a supply change?
- Ceteris paribus
- Rational choice
- Homo economicus
- Laissez-faire
-
What is the main advantage of using the ceteris paribus assumption in economics?
- Eliminates all risk
- Isolates key relationships
- Prevents price changes
- Guarantees full employment
-
How do economists test the validity of an economic model's predictions?
- Voting on theories
- Conducting lab tests
- Applying value judgements
- Using empirical data
-
Why might real-world data differ from an economic model's predictions?
- Data was false
- Prices stayed fixed
- Models are useless
- Other variables changed
-
What main difficulty do economists face when testing economic theories in the real world?
- Unpredictable laws
- Mathematical complexity
- Uncontrolled variables
- Lack of data
-
What type of economic statement provides objective predictions about policy consequences?
- Normative statement
- Positive statement
- Moral opinion
- Value judgement
-
Why do economists make simplifying assumptions when building models?
- Eliminate trade-offs
- Ensure certainty
- Simplify reality
- Maximise profit
-
What causes economists with identical objective data to recommend different government policies?
- Different value judgements
- Flawed economic models
- Inaccurate statistics
- Different inflation rates
-
What term describes a simplified visual representation of complex real-world economic relationships?
- Empirical law
- Positive statement
- Value judgement
- Economic model
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