Question

Which of the following is the best example of incomplete induction?

1. (A) I organized every stamp in my stamp collection today.
2. (B) Today, I watered my entire garden.
3. (C) I am going to poll every single Brock student to determine Brock students' attitude towards online dating.
4. (D) I am going to call 1,000 Canadians to determine how the country feels about Jagmeet Singh.

Which of the following is NOT true about the slope of the Production Possibilities Frontier?

(A) It is called the Marginal Rate of Transformation.

(B) It shows the opportunity cost of one good in terms of another.

(C) It is always negative.

(D) It always changes.

39. How does Adam Smith explain why diamonds are more expensive than water?

(A) Diamonds' use value exceeds their exchange value.

(B) Diamonds' exchange value exceeds their use value.

(C) Diamonds have a higher marginal utility.

(D) Diamonds have a lower marginal utility.

From an economic point of view, why did the Birth Control Pill lead to more unmarried pregnancies?

(A) It reduced the opportunity cost of premarital sex.

(B) It increased the opportunity cost of premarital sex.

(C) It reduced the opportunity cost of alternate activities.

(D) It reduced women's access to physicians.

Answer 1

1)D.......... because, In incomplete induction, set of instances is not exhaustive. From a reasonable collection of instances, we sometimes leap to the conclusion that an event is always true even though we have not seen all instances. In above example, calling 1000 Canadians to know about Jagmeet singh will be considered as an openion of the majority.

2)C......it's not always negative...... because, production possibility frontier is a curve which shows various combinations of the amounts of two goods which can be produced within the given resources and technology. A PPF talks about various economic concepts, such as allocative efficiency, economies of scale, opportunity cost or marginal rate of transformation, productive efficiency, and scarcity of resources. When the economy grows and all other things remain constant, we can produce more, so this will cause a shift in the production possibilities curve outward, or to the right. If the economy were to shrink, then, of course, the curve would shift to the left.

3)B.......... because, according to labour theory, the price of a good reflected the amount of labor and resources required to bring it to the market. Smith believed that diamonds were more expensive than water because they were more difficult to bring to market. Smith pointed out that practical things that we use every day often have little or no value in exchange. Things like cups, utensils, socks, and water are a few examples. On the other hand, things that often have the greatest value in the market have little or no practical use.

4)B..... because, birth control pills led to increased unmarried pregnancies due to increased opportunity cost of premarital sex.