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A inverse (or negative) relationship occurs when two variables change simultaneously in opposite directions. The curve of an inverse relationship is downsloping when viewed from left to right.
Review Quiz
- A set of actions undertaken by a government to alleviate a problem or to further a society's goal, is known as a...........
- That part of economics which is concerned with the behavior of specific economic units, such as firms or individuals, is ..............
-
One of the pitfalls of economic thinking, which consists in asserting that what is true for one is true for all, is also known as
- fallacy of composition,
- ceteris paribus,
- generalization,
- inference.
-
Simplifications, generalizations, abstractions and statements of what is given, are all
- assumptions,
- principles,
- hypotheses,
- all answers are correct.
-
Which of the following is not usually considered as an economic goal?
- maintaining price stability,
- preventing terrorism,
- achieving high level of employment,
- striving for equity in income distribution.
-
The assumption that everything else remains unchanged, is known as
- ceteris paribus,
- rigidity,
- fallacy of composition,
- inflexibility.
- That part of economics which is concerned with the economy as a whole, is known as ..............
- The name given to that part of economics, in which facts relevant to a certain problem are gathered in order to derive principles, is ............ economics.
-
Two causally related variables which move in opposite directions (i.e. one increases while the other decreases) are said to have a relationship which is
- discretionary,
- indirect,
- inverse,
- opposite.
- A proposition which needs to be tested with empirical data before it becomes an accepted principle, is known as a ................
-
Two causally related variables which increase and decrease together have a relationship which is
- inverse,
- direct,
- fractional,
- derivative.
Answer
- POLICY
- MICROECONOMICS
- B
- A
- B
- A
- MACROECONOMICS
- DESCRIPTIVE/ POSITIVE
- C
- HYPOTHESIS
- B
Assignments
Describe the methodology of the economic science. Show how theories are developed and how they are applied.
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