Economics 201

Take home Quiz: Name -Manpreet Singh # 0164720

You only need to write short answers for this quiz.

1. Give an example of a conspiracy theory (it doesn’t have to be about economics). Explain how
it fits any two of the criteria for conspiracies from the handbook. [4]
Ans- In 1969, when America landed astronauts on the moon. Some believe that its fake and
they had created the whole thing in the studio. They are many conspiracy theories about it.
Moreover, 1. It has a lack of evidence.
2.secretiveness. NASA and America government did all things in secrete.

2. Give an example of anecdote being used as evidence. Why is this a problem? [3]
Ans- Sometimes, the political person, speakers etc. use their story with moral to inspire and
motivate others. This is an anecdote not a fact or evidence that they really did this. The main
problem is that their stories are not time based on facts or not written anywhere. Moreover,
we can randomly add anything.
3. Have a look at this video. If you could afford this yacht, how can you possibly face economic
scarcity? [2]
https://www.youtube.com/watch?v=Bt4wazjwDkg
Ans- If I can afford the 175 million Euro yacht. My net worth should be around 2.5 to 3
billion and to maintain my wealth I must manage my business. Where I can also buy the other
supercars, villas, private jets. So, the time to use them all will be my scarcity. However, in
economic, I have to give my time to my business more than enjoying the luxury.
4. Give an example of an opportunity cost that you have come across today. [1]
Ans- so today, there was my friend’s birthday and my basketball match too at the same time. I
have skipped my basketball match for my friend’s birthday party. So that is the opportunity
cost is the time spent on the birthday party.