Quiz 11 – Thirty Concepts in Quant, Macro, Social, Global, Eval, and Ethics

… an Atlas quiz for Atlas206 Internship Reading

PubFinMgtConcept comprehension questions on
Thirty Concepts in Quant, Macro, Social, Global, Eval, and Ethics

Note: All 15 quizzes for Atlas206 Internship Reading are available at Concept Quizzes for Atlas206 Internship Reading.

CCQ206.11.01. Among the statements a-d pertaining to variables choose the one that is invalid or choose e if all are reasonably valid.

a. Variables are properties or characteristics of some event, object, or person that remain constant under experimental conditions.

b. An independent variable is manipulated by the experimenter and its effects on the dependent variable are measured.

c. Variables such as number of children in a household are called discrete variables since the possible scores are discrete points on the scale.

d. Qualitative variables are those that express an attribute such as hair color, eye color, religion, favorite movie, or gender, where the values do not imply a numerical ordering.

e. All of a-d are reasonably valid.

CCQ206.11.02. Among the statements a-d pertaining to distributions choose the one that is invalid or choose e if all are reasonably valid.

a. A frequency distribution is a distribution of empirical data.

b. A probability distribution is a distribution of the probabilities of each possible outcome.

c. A probability distribution as a statistical function that describes all the possible values and likelihoods that a random variable can take within a given range.

d. The binomial distribution and the Pareto distribution can be considered to be special cases of the normal distribution.

e. All of a-d are reasonably valid.

CCQ206.11.03. Among the statements a-d pertaining to central tendency choose the one that is invalid or choose e if all are reasonably valid.

a. Central tendency as a loosely defined concept that has to do with the location of the center of a distribution.

b. The point at which the distribution is in balance provides a way to define central tendency.

c. The concept of the sum of the absolute deviations (differences) provides a way to define the center of a distribution.

d. The number that minimizes the sum of squared deviations provides a useful definition of central tendency.

e. All of a-d are reasonably valid.

CCQ206.11.04. Among the statements a-d pertaining to mean and median choose the one that is invalid or choose e if all are reasonably valid.

a. The mean (or arithmetic mean) of a variable is the sum of all its values divided by the number of values.

b. The median is the 50th percentile of a distribution.

c. The mean is typically what is meant by the word average.

d. The median is the best measure of central tendency.

e. All of a-d are reasonably valid.

CCQ206.11.05. Among the statements a-d pertaining to probability choose the one that is invalid or choose e if all are reasonably valid.

a. Probability is the measure of the likelihood that an event will occur.

b. Probability is one of the least controversial and ambiguous concepts in all of quantitative methods.

c. If there are N symmetrical outcomes, the probability of any given one of them occurring is taken to be 1/N.

d. As the number of tosses of a fair coin increases, the proportion of heads approaches 1/2 meaning that the probability of a head is 1/2.

e. All of a-d are reasonably valid.

CCQ206.11.06. Among the statements a-d pertaining to sampling bias choose the one that is invalid or choose e if all are reasonably valid.

a. Sampling bias is a bias in which a sample is collected in such a way that some members of the intended population are less likely to be included than others.

b. Random (unbiased) sampling will produce an unbiased sample – one that is representative of the population.

c. Self-selection bias can result when the non-random component occurs after the potential subject has enlisted in the experiment.

d. Survivorship bias occurs when the observations recorded at the end of the investigation are a non-random set of those present at the beginning of the investigation.

e. All of a-d are reasonably valid.

CCQ206.11.07. Among the statements a-d pertaining to normal distributions choose the one that is invalid or choose e if all are reasonably valid.

a. The normal (or Gaussian) distribution as a very common continuous probability distribution often used in the natural and social sciences to represent real-valued random variables whose distributions are not known.

b. Normal distributions are symmetric around their mean.

c. The mean, median, and mode of a normal distribution are equal.

d. Normal distributions require only three parameters for unambiguous specification – the range, the mean and the standard deviation.

e. All of a-d are reasonably valid.

CCQ206.11.08. Among the statements a-d pertaining to type I and type II errors choose the one that is invalid or choose e if all are reasonably valid.

a. A type I error is the (false) detection of an effect that is not present.

b. A type II error is the failure to detect an effect that is present.

c. A type I error as the incorrect rejection of a true null hypothesis.

d. A type II error is incorrectly retaining a false null hypothesis.

e. All of a-d are reasonably valid.

CCQ206.11.09. Among the statements a-d pertaining to simple linear regression choose the one that is invalid or choose e if all are reasonably valid.

a. Simple linear regression is a linear regression model with a single explanatory variable.

b. Simple linear regression concerns two-dimensional sample points with one independent variable and one dependent variable (conventionally, the x and y coordinates in a Cartesian coordinate system) and finds a linear function (a non-vertical straight line) that, as accurately as possible, predicts the dependent variable values as a function of the independent variables.

c. The most commonly-used criterion for the best-fitting regression line is the  line that minimizes the sum of the distances from the data points to the line.

d. The error of prediction for a point is the value of the point minus the predicted value (the value on the regression line).

e. All of a-d are reasonably valid.

CCQ206.11.10. Among the statements a-d pertaining to power laws, Pareto distributions, and performance, choose the one that is invalid or choose e if all are reasonably valid.

a. A power law is a functional relationship between two quantities, where a relative change in one quantity results in a proportional relative change in the other quantity, independent of the initial size of those quantities, that is, one quantity varies as a power of another.

b. A power law curve demonstrates scale invariance, and thus whether looking at the entire population or just the top percentile, the same distribution shape emerges.

c. If the distribution of performance in a particular population actually follows a power law, then an analysis of that population based on assumptions of a normal distribution will overestimate the contribution of the highest performers.

d. One type of power law distribution is the Pareto distribution, sometimes associated with the 80-20 rule whereby 80 percent of an observed phenomenon is produced by 20 percent of the constituent population.

e. All of a-d are reasonably valid.

CCQ206.11.11. Among the statements a-d pertaining to Gross Domestic Product (GDP) choose the one that is invalid or choose e if all are reasonably valid.

a. GDP is the market value of all finished goods and services produced within a country in a year.

b. A finished good is something that is not sold again as part of some other good.

c. A good imported from another country is included in the GDP but a good exported to another country is not.

d. A capital good can be used to make other goods, but it will not be sold again as part of another good, so it is classified as a finished good.

e. All of a-d are reasonably valid.

CCQ206.11.12. Among the statements a-d pertaining to contributors to growth choose the one that is invalid or choose e if all are reasonably valid.

a. Physical capital, human capital, organization, and technological knowledge contribute to economic growth.

b. Incentives contribute to economic growth.

c. Property rights, political stability, a dependable legal system, honest government, and competitive and open markets contribute to economic growth.

d. Culture, luck, geography, history, and ideas contribute to economic growth.

e. All of a-d are reasonably valid.

CCQ206.11.13. Among the statements a-d pertaining to innovation and growth choose the one that is invalid or choose e if all are reasonably valid.

a. While there have always been inventors and innovators, that number exploded after the eighteenth century, contributing to what has been described as the “Hockey Stick of Human Prosperity.”

b. Douglass North argued that the increase in innovation had to do with institutions such as property rights, non-corrupt courts, and rule of law, which lay the foundation for innovation to take place.

c. Few economists attribute the rise in innovation to broader education.

d. Deirdre McCloskey argued that what really kicked innovation into high gear is a change in attitude – ordinary people who once celebrated conquerors and kings began to celebrate merchants and inventors.

e. All of a-d are reasonably valid.

CCQ206.11.14. Among the statements a-d pertaining to the rule of 70 choose the one that is invalid or choose e if all are reasonably valid.

a. The rule of 70 is that many important economic indicators double in 70 years.

b. The rule of 70 is that means that a country with a one percent growth rate will double its GDP in 70 years.

c. The rule of 70 is that the doubling time is 70/growth rate.

d. The rule of 70 is a useful rule of thumb for quickly calculating the doubling time for something (e.g., population, GDP, internet nodes) that is growing at a constant rate.

e. All of a-d are reasonably valid.

CCQ206.11.15. Among the statements a-d pertaining to institutions and growth choose the one that is invalid or choose e if all are reasonably valid.

a. A country’s institutions – particularly property rights, honest government, dependable courts, and political stability – strongly influence national economic growth and prosperity.

b. Institutions also include cultural norms, such as the ones surrounding honesty, trust, and cooperation.

c. Institutions define the incentives that affect the lives and behaviours of citizens.

d. Classically trained economists tend to underplay the role of institutions in national growth.

e. All of a-d are reasonably valid.

CCQ206.11.16. Among the statements a-d pertaining to national wealth choose the one that is invalid or choose e if all are reasonably valid.

a. Real GDP per capita is a commonly used measure of a country’s standard of living.

b. When comparing the wealth of countries it is useful to use currency conversions based on purchasing power parity.

c. When purchasing power parity is used, the average citizen’s command over goods and services in a nominally poor country, the Central African Republic with a GDP per capita of less than US$1000, is at least 20 percent of that in a nominally rich country, Canada.

d. When purchasing power parity is accounted for, standard of living in Mexico is closer to that in Canada than to that in the Central African Republic.

e. All of a-d are reasonably valid.

CCQ206.11.17. Among the statements a-d pertaining to diversity and equality choose the one that is invalid or choose e if all are reasonably valid.

a. The terms equality and diversity are very often used together, sometimes even interchangeably.

b. Equality refers to fairness, and in particular to universal access (to employment or health care, for instance.

c. Diversity is about recognizing and embracing differences within an institution, workforce or society.

d. As concepts, equality and diversity are somewhat at odds with each other, with one stressing homogeneity (sameness) and the other highlighting heterogeneity (difference).

e. All of a-d are reasonably valid.

CCQ206.11.18. Among the statements a-d pertaining to Aboriginal peoples choose the one that is invalid or choose e if all are reasonably valid.

a. Aboriginal peoples is a collective name for the original peoples of North America and their descendants.

b. The Canadian constitution recognizes three groups of Aboriginal peoples: Indians (commonly referred to as First Nations), Métis and Inuit.

c. According to the 2011 National Household Survey, just over one million Canadians identified as Métis.

d. The largest numbers of Aboriginal people live in Ontario and the western provinces (Manitoba, Saskatchewan, Alberta, and British Columbia).

e. All of a-d are reasonably valid.

CCQ206.11.19. Among the statements a-d pertaining to Non-status Indians choose the one that is invalid or choose e if all are reasonably valid.

a. Non-Status Indians are individuals who identify themselves, culturally, as First Nations people (or North American Indians, which is the term used in the census) rather than as Métis or Inuit, but they are not registered under the Indian Act.

b. There have been many processes leading to the creation of the category, Non-status Indians, including the 1869 amendments to the Indian Act that stated that First Nations women who married non-First Nations men would lose their status, and that all of the children from those marriages also would not have Registered Indian status.

c. Bill C-31 amended the Indian Act of Canada in 1985 to allow individuals who had lost legal Indian status in the 1869 amendments to apply to regain status but many individuals have not taken this route, either by choice or because of impediments in the application process.

d. According to the 2011 National Household Survey, just over one million Canadians identified as First Nations people but were not Registered Indians.

e. All of a-d are reasonably valid.

CCQ206.11.20. Among the statements a-d pertaining to globalization choose the one that is invalid or choose e if all are reasonably valid.

a. The modern phenomenon of globalization has to be carefully distinguished from the mere fact of international connectedness which could arguably be applied to the British empire or the Roman empire in earlier times.

b. The phenomena of internationalization, liberalization, universalization, and westernization have existed much longer than contemporary globalization, and simply redefining these phenomena as globalization does not add anything to our understanding.

c. Contemporary globalization is characterized by the sense that the entire planet is a single social space, that people carry on conversations and movements within that space irrespective of territoriality, that they pay collective attention to global events – that there is a quality of simultaneity.

d. Information and communications technologies, as well as modern transport (air travel and containers), are a crucial foundation of modern globalization. Transportation systems make global supply chains possible, while digital communications means that billions of people on the planet can simultaneously listen to the same song or watch reports on a natural disaster.

e. All of a-d are reasonably valid.

CCQ206.11.21. Among the statements a-d pertaining to accountability choose the one that is invalid or choose e if all are reasonably valid.

a. Accountability is the obligation to demonstrate and take responsibility for performance in light of commitments and expected outcomes.

b. Accountability includes the acceptance of personal consequences or sanctions for problems that could have been avoided or were not corrected in a timely fashion.

c. Accountability is facilitated by predefining expectations.

d. Accountability is undermined by offering criticism.

e. All of a-d are reasonably valid.

CCQ206.11.22. Among the statements a-d pertaining to delegation of authority choose the one that is invalid or choose e if all are reasonably valid.

a. Delegation of authority is the process by which a person (i.e., delegator), vested with specific statutory authority, assigns a specific power or function to another.

b. Those who delegate are able to legally divorce themselves from the responsibility and authority with which they are entrusted.

c. Delegation makes it possible for managers to distribute their workload to others and thus be relieved of routine work so they can concentrate on higher functions of management.

d. Delegation can motivate subordinates by encouraging them to give their best at work when they have authority with responsibility.

e. All of a-d are reasonably valid.

CCQ206.11.23. Among the statements a-d pertaining to abuse of authority choose the one that is invalid or choose e if all are reasonably valid.

a. Abuse of authority is a legal term of art used within the employment context to denote the improper use of position, power or authority to influence the employment or career of another person.

b. Canadian Courts have taken a broad approach to interpreting abuse of authority, holding that improper conduct, omissions, errors, bad faith, personal favoritism and a reasonable apprehension of bias may all, in some cases, give rise to abuse of authority claims under the Public Service Employment Act.

c. Abuse of authority may mean political corruption more generally – that is, the use by government officials of otherwise legitimate legislated powers for private gain.

d. There are two sub-types of the political corruption conception of the abuse of authority: 1) the accumulation and extraction of private gain through the instruments of authority (including embezzlement, plunder and kleptocracy); and 2) activities aimed at the preservation and extension of political power through the use of resources extracted by a government official’s legislated authority (including favoritism and patronage politics, and the politically-motivated distribution of financial and material inducements).

e. All of a-d are reasonably valid.

CCQ206.11.24. Among the statements a-d pertaining to due diligence choose the one that is invalid or choose e if all are reasonably valid.

a. Due diligence can be used to denote either a process (systematic research) or a legal requirement (duty of due diligence).

b. As a process, due diligence is used to mean the systematic research and verification of the accuracy of a statement, including in the business context the validation of financial statements.

c. In certain contexts, professionals may be subject to a duty of due diligence, whereby they are required by statute or other authority to act in a manner that demonstrates a degree of prudence. In the workplace health and safety context, for example, a duty of due diligence will often place a requirement on supervisors to have taken reasonable steps to avoid dangerous or risky situations.

d. In Canadian law, there is no defence of due diligence, meaning that one cannot be found not guilty on the basis of taking reasonable precautions to avoid the offence from occurring.

e. All of a-d are reasonably valid.

CCQ206.11.25. Among the statements a-d pertaining to procedural fairness choose the one that is invalid or choose e if all are reasonably valid.

a. Procedural fairness is a concept in administrative law that governs the way in which administrative decision-makers of the state (such as statutorily-appointed commissions, boards, officers with delegated authority, etc.) must exercise their statutorily-authorized discretionary powers.

b. Procedural fairness is primarily concerned with the way in which a decision is made (viz. the process), while its companion concept of “substantive fairness” is concerned with the reasonability or the correctness of the decision itself.

c. In Canadian law, procedural fairness stems from the two principles of natural justice – the right to be heard, and the right to impartial judgment.

d. There is no such thing as “degrees of procedural fairness” – procedural fairness should be adhered to in the same fashion regardless of the importance of the decision to the individual, expectations of the individual as to the decision-making process to be followed, the nature of the decision-making process and its similarity to judicial proceedings, the role of the decision in the overall statutory scheme, and the decision-maker’s own choice of procedure.

e. All of a-d are reasonably valid.

CCQ206.11.26. Among the statements a-d pertaining to policy analysis and evaluation choose the one that is invalid or choose e if all are reasonably valid.

a. Much of what passes for professional policy analysis is called policy evaluation.

b. The central questions of policy evaluation are: Does this program do what it is supposed to be doing? If not, why not? What should be done?

c. Because the questions of policy evaluation are so fundamental, the political support for policy evaluation is usually strong.

d. Because evaluation is so potentially crucial to the fortunes of a policy or program, opponents and supporters work hard to get the evaluation results they need to strengthen their case.

e. All of a-d are reasonably valid.

CCQ206.11.27. Among the statements a-d pertaining to the contrasting purposes of evaluation choose the one that is invalid or choose e if all are reasonably valid.

a. One purpose of evaluation is program improvement.

b. A second purpose of evaluation is accountability.

c. Evaluations can also be done to generate more general knowledge that may or may not be directly relevant to the program but that might cast light on a social issue or casual questions.

d. It is relatively easy to conduct an evaluation that will simultaneously serve the goals of program improvement and accountability.

e. All of a-d are reasonably valid.

CCQ206.11.28. Among the statements a-d pertaining to categories of program evaluation choose the one that is invalid or choose e if all are reasonably valid.

a. Program evaluation is the application of systematic methods to address questions about program operations and results.

b. Process evaluations and efficiency evaluations are categories of program evaluation.

c. Impact evaluations are not generally considered to be program evaluations.

d. Program evaluation may include ongoing monitoring of a program as well as one-shot studies.

e. All of a-d are reasonably valid.

CCQ206.11.29. Among the statements a-d pertaining to cost-benefit analysis in evaluation choose the one that is invalid or choose e if all are reasonably valid.

a. Cost-benefit analysis evaluates a program in terms of its total costs compared to its total benefits, expressed in monetary terms.

b. The basic steps in cost-benefit analysis are: decide on the accounting unit (whose costs and benefits are to be calculated); catalogue all costs and all benefits over time; monetize (attach a monetary value) to those costs and benefits; discount those costs and benefits over the period of time that the project or program will be operating; and determine the net social benefit.

c. The accounting unit problem is about whose costs and benefits are to be measured –  the individual, the government, or society.

d. Cost–benefit analysis deals with monetary cost, not opportunity cost.

e. All of a-d are reasonably valid.

CCQ206.11.30. Among the statements a-d pertaining to cost-effectiveness analysis in evaluation choose the one that is invalid or choose e if all are reasonably valid.

a. Cost-effectiveness analysis compares different program alternatives for achieving a given set of goals.

b. Cost-effective analysis is also applied by considering a fixed budget and choosing alternatives that provide the highest rate of goal achievement.

c. Cost-effectiveness analysis refrains from efforts to monetize benefits and simply takes program goals or outcomes as given, and then assesses different cost strategies for achieving those goals. It assumes that the least-cost strategy is the preferred alternative.

d. Cost-effectiveness analysis assumes that the least-cost strategy is the preferred alternative.

e. All of a-d are reasonably valid.

Page created by: Ian Clark, last modified on 14 June 2017.

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