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Predicate Logic and Economics

Predicate Logic and Economics Quiz

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Questions

Question 1 Multiple Choice (Single Answer)

Which of the following is a valid logical argument?

  1. If all men are mortal, and Socrates is a man, then Socrates is mortal.
  2. If all men are mortal, and Socrates is a philosopher, then Socrates is mortal.
  3. If all men are mortal, and Socrates is a dog, then Socrates is mortal.
  4. If all men are mortal, and Socrates is a cat, then Socrates is mortal.
Question 2 Multiple Choice (Single Answer)

What is the converse of the statement "If all economists are intelligent, then all intelligent people are economists"?

  1. If all intelligent people are economists, then all economists are intelligent.
  2. If all economists are intelligent, then some intelligent people are not economists.
  3. If some intelligent people are not economists, then all economists are intelligent.
  4. If some intelligent people are not economists, then all intelligent people are economists.
Question 3 Multiple Choice (Single Answer)

Which of the following is an example of a predicate in economics?

  1. Consumer
  2. Utility
  3. Scarcity
  4. All of the above
Question 4 Multiple Choice (Single Answer)

What is the negation of the statement "Some goods are both scarce and desirable"?

  1. No goods are scarce and desirable.
  2. All goods are scarce and desirable.
  3. Some goods are not scarce and desirable.
  4. Some goods are scarce but not desirable.
Question 5 Multiple Choice (Single Answer)

Which of the following is an example of a logical fallacy in economics?

  1. Post hoc ergo propter hoc
  2. Appeal to authority
  3. Straw man
  4. All of the above
Question 6 Multiple Choice (Single Answer)

What is the difference between a necessary condition and a sufficient condition?

  1. A necessary condition is a condition that must be met in order for something to happen, while a sufficient condition is a condition that is enough to cause something to happen.
  2. A necessary condition is a condition that is enough to cause something to happen, while a sufficient condition is a condition that must be met in order for something to happen.
  3. A necessary condition is a condition that is neither necessary nor sufficient to cause something to happen, while a sufficient condition is a condition that is both necessary and sufficient to cause something to happen.
  4. A necessary condition is a condition that is both necessary and sufficient to cause something to happen, while a sufficient condition is a condition that is neither necessary nor sufficient to cause something to happen.
Question 7 Multiple Choice (Single Answer)

What is the difference between a deductive argument and an inductive argument?

  1. A deductive argument is an argument in which the conclusion is guaranteed to be true if the premises are true, while an inductive argument is an argument in which the conclusion is only probably true even if the premises are true.
  2. A deductive argument is an argument in which the conclusion is only probably true even if the premises are true, while an inductive argument is an argument in which the conclusion is guaranteed to be true if the premises are true.
  3. A deductive argument is an argument in which the premises are true and the conclusion is false, while an inductive argument is an argument in which the premises are false and the conclusion is true.
  4. A deductive argument is an argument in which the premises are false and the conclusion is false, while an inductive argument is an argument in which the premises are true and the conclusion is true.
Question 8 Multiple Choice (Single Answer)

What is the difference between a positive statement and a normative statement?

  1. A positive statement is a statement that describes the world as it is, while a normative statement is a statement that prescribes how the world should be.
  2. A positive statement is a statement that prescribes how the world should be, while a normative statement is a statement that describes the world as it is.
  3. A positive statement is a statement that is true or false, while a normative statement is a statement that is neither true nor false.
  4. A positive statement is a statement that is neither true nor false, while a normative statement is a statement that is true or false.
Question 9 Multiple Choice (Single Answer)

What is the difference between a microeconomic model and a macroeconomic model?

  1. A microeconomic model is a model that focuses on the behavior of individual economic agents, such as consumers and firms, while a macroeconomic model is a model that focuses on the behavior of the economy as a whole.
  2. A microeconomic model is a model that focuses on the behavior of the economy as a whole, while a macroeconomic model is a model that focuses on the behavior of individual economic agents, such as consumers and firms.
  3. A microeconomic model is a model that is used to predict the behavior of individual economic agents, such as consumers and firms, while a macroeconomic model is a model that is used to predict the behavior of the economy as a whole.
  4. A microeconomic model is a model that is used to predict the behavior of the economy as a whole, while a macroeconomic model is a model that is used to predict the behavior of individual economic agents, such as consumers and firms.
Question 10 Multiple Choice (Single Answer)

What is the difference between a positive externality and a negative externality?

  1. A positive externality is a benefit that one economic agent receives from the actions of another economic agent, while a negative externality is a cost that one economic agent imposes on another economic agent.
  2. A positive externality is a cost that one economic agent imposes on another economic agent, while a negative externality is a benefit that one economic agent receives from the actions of another economic agent.
  3. A positive externality is a benefit that one economic agent receives from the actions of another economic agent, while a negative externality is a benefit that one economic agent receives from the actions of another economic agent.
  4. A positive externality is a cost that one economic agent imposes on another economic agent, while a negative externality is a cost that one economic agent imposes on another economic agent.
Question 11 Multiple Choice (Single Answer)

What is the difference between a public good and a private good?

  1. A public good is a good that is non-rivalrous and non-excludable, while a private good is a good that is rivalrous and excludable.
  2. A public good is a good that is rivalrous and excludable, while a private good is a good that is non-rivalrous and non-excludable.
  3. A public good is a good that is non-rivalrous but excludable, while a private good is a good that is rivalrous but non-excludable.
  4. A public good is a good that is rivalrous but non-excludable, while a private good is a good that is non-rivalrous but excludable.
Question 12 Multiple Choice (Single Answer)

What is the difference between a monopoly and a perfect competition?

  1. A monopoly is a market structure in which there is only one seller, while a perfect competition is a market structure in which there are many buyers and sellers.
  2. A monopoly is a market structure in which there are many buyers and sellers, while a perfect competition is a market structure in which there is only one seller.
  3. A monopoly is a market structure in which there are many buyers and sellers, but the sellers are able to collude to set prices, while a perfect competition is a market structure in which there are many buyers and sellers and the sellers are not able to collude to set prices.
  4. A monopoly is a market structure in which there are many buyers and sellers, but the buyers are able to collude to set prices, while a perfect competition is a market structure in which there are many buyers and sellers and the buyers are not able to collude to set prices.
Question 13 Multiple Choice (Single Answer)

What is the difference between a positive externality and a negative externality?

  1. A positive externality is a benefit that one economic agent receives from the actions of another economic agent, while a negative externality is a cost that one economic agent imposes on another economic agent.
  2. A positive externality is a cost that one economic agent imposes on another economic agent, while a negative externality is a benefit that one economic agent receives from the actions of another economic agent.
  3. A positive externality is a benefit that one economic agent receives from the actions of another economic agent, while a negative externality is a benefit that one economic agent receives from the actions of another economic agent.
  4. A positive externality is a cost that one economic agent imposes on another economic agent, while a negative externality is a cost that one economic agent imposes on another economic agent.
Question 14 Multiple Choice (Single Answer)

What is the difference between a public good and a private good?

  1. A public good is a good that is non-rivalrous and non-excludable, while a private good is a good that is rivalrous and excludable.
  2. A public good is a good that is rivalrous and excludable, while a private good is a good that is non-rivalrous and non-excludable.
  3. A public good is a good that is non-rivalrous but excludable, while a private good is a good that is rivalrous but non-excludable.
  4. A public good is a good that is rivalrous but non-excludable, while a private good is a good that is non-rivalrous but excludable.
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