Skill Resource
Student: ___________________________________________________________________________
1. Which of the following is not one of the basic elements of critical thinking, as used in economics?
A. Always say what you mean and mean what you say.
B. Be sure to use logical arguments.
C. Pay attention to recognizing and examining your underlying perspectives.
D. Never say in words what you can say in a graph or mathematical equation.
E. Always consider the perspectives of others.
2. The difference between an average and a median is that:
A. The average is the value in any group that occurs most often, while the median occurs least often.
B. The median is the middle value, while the average is the sum of all values divided by the number of
values.
C. The average is the middle value, while the median is the sum of all values divided by the number of
values.
D. The median is the value that occurs most often, while the average occurs least often.
E. The average is the middle value, while the median occurs most often.
A class of five students received the following grades on a test that was marked out of 20: 18, 9, 12, 15,
11.
3. The average grade of the class is:
A. 13
B. 14
C. 13.5
D. 12.5
E. 12
4. The median grade of in this class is:
A. 18
B. 9
C. 12
D. 15
E. 11
5. A price for a product increases from $2.50 to $.3.50. This represents a rise of:
A. 10%
B. 25%
C. 28.5%
D. 35%
E. 40%
6. Which of the following statements is a false analogy?
A. A high-income economy such as Canada's is like a restaurant buffet: most of us consume more than we
need.
B The job market is like a birthday cake at a party: no matter how much we might want a job, there are
. only so many jobs to go around.
C Worrying about water pollution in our major lakes and waterways is not rational, because the topic has
. been hijacked by single-minded activists.
D. When inflation in Canada declines, it must be due to lower prices in other countries.
E. There is no such thing as a free lunch.
,7. Which of the following statements illustrates false causation?
A. Wage rates in Canada have fallen because of an increase in the prices for the products we consume.
B It is wrong to call for lower taxes in Canada, because such views are heard only from commentators
. who hate governments and all they stand for.
CWorrying about climate change is like wondering how you would spend your prize money if you won
. the lottery-it makes no sense to think of these things until they actually happen.
D. A drop in a product's price leads to an increase in the amount of that product consumed.
E. Governments are engaged in the economy through their spending and through taxation.
8. Which of the following statements illustrates a personal argument?
A. We need to work less so that we have more time to consume.
B. It is possible for wages to rise in an economy even if unemployment is increasing.
C. When an economy's money supply increases, interest rates will tend to fall.
D. The hypothesis of human-created climate change is not supported by existing scientific evidence.
E. The only people worried about greenhouse gases are environmental crackpots and tree huggers.
9. Which of the following terms is used in a significantly different way in economics than in everyday
language?
A. income
B. investment
C. interest rate
D. price
E. buyer
10. Human capital is a descriptive term referring to:
A. the hourly wage a person can earn in the labour market
B. the amount of money an individual has in stocks, bonds and bank accounts
C. the income-earning potential of education
D. the total wage costs associated with a business's labour force
E. the yearly salary that can be earned by a self-employed person
11. For the store whose sales are highlighted in the table, which of these four products has undergone the
greatest percentage increase in the number of units sold between years 1 and 2?
A. DVD players
B. high definition TVs
C. video cameras
D. VCRs
E. DVD players and video cameras are tied for the greatest percentage increase
12. For the store whose sales are highlighted in the table, which of these four products has undergone the
smallest percentage increase in the number of units sold between years 1 and 2?
A. DVD players
B. high definition TVs
C. video cameras
D. VCRs
E. DVD players and video cameras are tied for the smallest percentage increase
,13. Line 1 on the graph has a:
A. negative slope
B. positive slope
C. zero slope
D. positive vertical intercept
E. horizontal intercept of zero
14. The slope of line 1 on the graph is:
A. 0.5
B. -0.5
C. 2
D. -2
E. 1.5
15. The equation for line 1 on the graph is:
A. y = 2x + 4
B. y = 4x - 2
C. y = 0.5x - 2
D. y = 2x - 2
E. y = -2x + 0.5
16. Line 2 on the graph has a:
A. negative vertical intercept
B. positive slope
C. negative horizontal intercept
D. vertical intercept of zero
E. positive vertical intercept
17. The slope of line 2 on the graph is:
A. 0.5
B. -1
C. 1
D. -2
E. 2
18. The equation for line 2 on the graph is:
A. y = -x + 8
B. y = x - 8
C. y = 2x + 6
D. y = 6x + 2
E. y = 8x
, 19. Line 3 on the graph has a:
A. negative vertical intercept
B. positive slope
C. negative slope
D. positive horizontal intercept
E. slope of zero
20. The slope of line 3 on the graph is:
A. 0.5
B. undefined
C. 0
D. -1
E. 1
21. The equation for line 3 on the graph is:
A. y = -x
B. y = x
C. x = 4
D. y = 4
E. x = -4
22. When plotting the equation y = 4x + 7 on a graph:
A. 4 represents the line's slope
B. 7 represents the line's horizontal intercept
C. 4 represents the line's horizontal intercept
D. 4 represents the line's vertical intercept
E. the slope is found by subtracting 4x from 7
Student: ___________________________________________________________________________
1. Which of the following is not one of the basic elements of critical thinking, as used in economics?
A. Always say what you mean and mean what you say.
B. Be sure to use logical arguments.
C. Pay attention to recognizing and examining your underlying perspectives.
D. Never say in words what you can say in a graph or mathematical equation.
E. Always consider the perspectives of others.
2. The difference between an average and a median is that:
A. The average is the value in any group that occurs most often, while the median occurs least often.
B. The median is the middle value, while the average is the sum of all values divided by the number of
values.
C. The average is the middle value, while the median is the sum of all values divided by the number of
values.
D. The median is the value that occurs most often, while the average occurs least often.
E. The average is the middle value, while the median occurs most often.
A class of five students received the following grades on a test that was marked out of 20: 18, 9, 12, 15,
11.
3. The average grade of the class is:
A. 13
B. 14
C. 13.5
D. 12.5
E. 12
4. The median grade of in this class is:
A. 18
B. 9
C. 12
D. 15
E. 11
5. A price for a product increases from $2.50 to $.3.50. This represents a rise of:
A. 10%
B. 25%
C. 28.5%
D. 35%
E. 40%
6. Which of the following statements is a false analogy?
A. A high-income economy such as Canada's is like a restaurant buffet: most of us consume more than we
need.
B The job market is like a birthday cake at a party: no matter how much we might want a job, there are
. only so many jobs to go around.
C Worrying about water pollution in our major lakes and waterways is not rational, because the topic has
. been hijacked by single-minded activists.
D. When inflation in Canada declines, it must be due to lower prices in other countries.
E. There is no such thing as a free lunch.
,7. Which of the following statements illustrates false causation?
A. Wage rates in Canada have fallen because of an increase in the prices for the products we consume.
B It is wrong to call for lower taxes in Canada, because such views are heard only from commentators
. who hate governments and all they stand for.
CWorrying about climate change is like wondering how you would spend your prize money if you won
. the lottery-it makes no sense to think of these things until they actually happen.
D. A drop in a product's price leads to an increase in the amount of that product consumed.
E. Governments are engaged in the economy through their spending and through taxation.
8. Which of the following statements illustrates a personal argument?
A. We need to work less so that we have more time to consume.
B. It is possible for wages to rise in an economy even if unemployment is increasing.
C. When an economy's money supply increases, interest rates will tend to fall.
D. The hypothesis of human-created climate change is not supported by existing scientific evidence.
E. The only people worried about greenhouse gases are environmental crackpots and tree huggers.
9. Which of the following terms is used in a significantly different way in economics than in everyday
language?
A. income
B. investment
C. interest rate
D. price
E. buyer
10. Human capital is a descriptive term referring to:
A. the hourly wage a person can earn in the labour market
B. the amount of money an individual has in stocks, bonds and bank accounts
C. the income-earning potential of education
D. the total wage costs associated with a business's labour force
E. the yearly salary that can be earned by a self-employed person
11. For the store whose sales are highlighted in the table, which of these four products has undergone the
greatest percentage increase in the number of units sold between years 1 and 2?
A. DVD players
B. high definition TVs
C. video cameras
D. VCRs
E. DVD players and video cameras are tied for the greatest percentage increase
12. For the store whose sales are highlighted in the table, which of these four products has undergone the
smallest percentage increase in the number of units sold between years 1 and 2?
A. DVD players
B. high definition TVs
C. video cameras
D. VCRs
E. DVD players and video cameras are tied for the smallest percentage increase
,13. Line 1 on the graph has a:
A. negative slope
B. positive slope
C. zero slope
D. positive vertical intercept
E. horizontal intercept of zero
14. The slope of line 1 on the graph is:
A. 0.5
B. -0.5
C. 2
D. -2
E. 1.5
15. The equation for line 1 on the graph is:
A. y = 2x + 4
B. y = 4x - 2
C. y = 0.5x - 2
D. y = 2x - 2
E. y = -2x + 0.5
16. Line 2 on the graph has a:
A. negative vertical intercept
B. positive slope
C. negative horizontal intercept
D. vertical intercept of zero
E. positive vertical intercept
17. The slope of line 2 on the graph is:
A. 0.5
B. -1
C. 1
D. -2
E. 2
18. The equation for line 2 on the graph is:
A. y = -x + 8
B. y = x - 8
C. y = 2x + 6
D. y = 6x + 2
E. y = 8x
, 19. Line 3 on the graph has a:
A. negative vertical intercept
B. positive slope
C. negative slope
D. positive horizontal intercept
E. slope of zero
20. The slope of line 3 on the graph is:
A. 0.5
B. undefined
C. 0
D. -1
E. 1
21. The equation for line 3 on the graph is:
A. y = -x
B. y = x
C. x = 4
D. y = 4
E. x = -4
22. When plotting the equation y = 4x + 7 on a graph:
A. 4 represents the line's slope
B. 7 represents the line's horizontal intercept
C. 4 represents the line's horizontal intercept
D. 4 represents the line's vertical intercept
E. the slope is found by subtracting 4x from 7
