Assessment Task 1: Online Quiz (10%)
This is a multiple choice quiz worth 10 marks. It is based on all the material from weeks 1-3
(lectures and tutorials). You must access and complete it on Canvas. The quiz will consist of 10
questions and you have 60 minutes to complete it. All questions are equally weighted. There is no
negative marking (where a wrong answer loses you marks). You will get one attempt at this quiz.
You will not be able to to go back to a previous question once you submitted your answer to it. The
below quiz and the weekly tutorial quizzes provide some guidance as to what the assessment task
1 will look like in terms of format and type of questions.
Sample Quiz
1. Based on the table below, using the midpoint formula, what is the income elasticity of
demand for good X?
-3.5
-0.29
0.29
3.5
2. Which of the following statements is not correct, based on the figure below?
When the price is $10, quantity supplied equals quantity demanded.
When the price is $6, there is a surplus of 8 units
When the price is $12, there is a surplus of 4 units.
When the price is $16, quantity supplied exceeds quantity demanded by 12 units.
3. Which of the following phrases best captures the notion of efficiency?
Minimum Waste
Absolute Fairness
Equal Distribution
Equitable Outcome
Income Q of X Purchased
$30,000 2
$40,000 6
4. Suppose Jim and Tom can both produce baseball bats. If Jim’s opportunity cost of
producing baseball bats is lower than Tom’s opportunity cost of producing baseball bats,
then
Tom must have an absolute advantage in the production of baseball bats.
Jim must have an absolute advantage in the production of baseball bats.
Tom has a comparative advantage in the production of baseball bats.
Jim has a comparative advantage in the production of baseball bats.
5. The cross-price elasticity of demand between Kit Kat and Mars is negative. Based on this
information alone, we can conclude the two products are substitutes
True
False
6. Economics is primarily the study of
the state, nation, government, and politics and policies of governments
the problems related to the existence and evolution of society
how agents choose to allocate scarce resources and how these choices affect society
the mental functions and behaviour of individuals and groups
7. Which of the following statements correctly highlights the difference between
microeconomics and macroeconomics?
Microeconomics deals with a small part of the economy, whereas macroeconomics deals with
aggregate economic performance.
Microeconomics describes what economic agents actually do, whereas macroeconomics
describes what economic agents ought to do.
Microeconomics primarily deals with positive analysis, whereas macroeconomics primarily deals
with normative analysis.
Microeconomics is descriptive, whereas macroeconomics is advisory.
8. Which of the following best describes equilibrium?
A stable situation where no economic agent would benefit by changing his or her behaviour
A situation where economic agents do not optimise as they do not have perfect information
A situation where only one individual or firm makes an optimal decision
A situation where the government intervenes to allocate resources
9. Empiricism is analysis that uses ________ to test theories.
illustrations
philosophy
data
value judgments
10. Which of the following is an example of a positive economic statement?
An increase in income causes an increase in savings.
Eliminating poverty is more important than reducing inflation.
Economics is the most useful social science.
The government should ideally work as a welfare state.