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Econ Chapter 1 Question Bank 2024
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Econ Chapter 1 Question Bank 2024
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EconChapter
1
Question
Bank
2024
In
a
world
characterized
by
scarcity
A)
all
goods
are
free.
B)
opportunity
cost
is
zero.
C)
we
are
not
limited
by
time.
D)
individuals
need
not
work
to
obtain
goods.
E)
people
must
make
choices
among
alternatives.
-
ANSE
Which
of
the
following
is
the
best
definition
of
economics?
A)
the
study
of
how
a
provincial
government
allocates
tax
dollars
B)
the
study
of
how
consumers
spend
their
income
C)
the
study
of
how
producers
decide
what
inputs
to
hire
and
what
outputs
to
produce
D)
the
study
of
how
individuals,
businesses,
governments,
and
entire
societies
make
choices
as
they
cope
with
scarcity
and
the
incentives
that
influence
and
reconcile
those
choices
E)
the
study
of
how
consumers
and
producers
meet
each
other
at
the
market
-
ANSD
Which
of
the
following
is
a
microeconomic
topic?
A)
the
reasons
why
a
consumer
buys
less
honey
B)
the
reasons
why
the
average
price
level
in
a
country
falls
C)
the
cause
of
increasing
unemployment
D)
the
effect
of
the
government
budget
deficit
on
inflation
E)
the
reasons
why
the
labour
force
in
a
country
decreases
-
ANSA
The
study
of
how
wages
are
set
for
New
Brunswick
teachers
is
classified
as
A)
a
macroeconomic
topic.
B)
a
microeconomic
topic.
C)
economics
of
social
interest.
D)
economics
of
private
interest.
E)
normative
economics.
-
ANSB
Which
of
the
following
newspaper
headlines
concerns
a
macroeconomic
issue?
A)
Why
are
people
buying
more
SUVs
and
fewer
minivans?
B)
How
would
a
tax
on
e-commerce
affect
chapters.indigo.ca?
C)
How
would
an
unexpected
freeze
in
Oxford,
Nova
Scotia
change
the
price
of
blueberries
in
the
Maritimes?
D)
Why
is
Japan's
economy
stagnant?
E)
Why
do
grain
producers
purchase
less
pesticides?
-
ANSD
The
branch
of
economics
that
studies
the
choices
of
individuals
and
businesses
is
A)
macroeconomics.
B)
microeconomics. C)
positive
economics.
D)
normative
economics.
E)
social
economics.
-
ANSB
Each
of
the
following
would
be
considered
a
macroeconomic
topic
except
A)
the
reasons
for
a
decrease
in
the
unemployment
rate.
B)
the
cause
of
recessions.
C)
the
effect
of
the
government
budget
deficit
on
inflation.
D)
the
determination
of
aggregate
income.
E)
the
selection
of
production
techniques.
-
ANSE
Complete
the
following
sentence.
Macroeconomics
A)
is
primarily
concerned
with
the
operation
of
individual
markets
in
the
economy.
B)
deals
mainly
with
the
economic
behaviour
of
households.
C)
is
the
only
part
of
economics
to
deal
with
government
decisions.
D)
is
primarily
concerned
with
the
behaviour
of
the
stock
market.
E)
is
the
study
of
the
national
economy
and
the
global
economy.
-
ANSE
The
determination
of
prices
in
individual
markets
is
primarily
a
concern
of
A)
positive
economics.
B)
negative
economics.
C)
macroeconomics.
D)
microeconomics.
E)
descriptive
economics.
-
ANSD
Which
one
of
the
following
topics
does
macroeconomics
study?
A)
decisions
of
individual
firms
B)
effects
of
government
safety
regulations
on
the
price
of
cars
C)
the
performance
of
the
global
economy
D)
prices
of
individual
goods
and
services
E)
effects
of
taxes
on
the
price
of
gasoline
-
ANSC
Which
one
of
the
following
topics
does
microeconomics
study?
A)
reasons
for
a
fall
in
the
price
of
orange
juice
B)
the
effect
of
a
rise
in
the
Canadian
dollar
on
Canada's
exports
C)
effect
of
interest
rates
on
national
economic
growth
D)
effect
of
the
government
budget
deficit
on
employment
E)
determination
of
total
production
in
a
country
-
ANSA
Complete
the
following
sentence.
Microeconomics
is
A)
not
concerned
with
factors
of
production.
B)
concerned
with
normative
issues
only.
C)
concerned
with
the
size
of
the
total
amount
of
income
earned
by
all
households
in
an
economy. D)
the
branch
of
economics
that
studies
the
choices
of
individuals
and
businesses.
E)
concerned
exclusively
with
the
role
of
the
government
in
the
economy.
-
ANSD
Which
of
the
following
would
be
considered
a
microeconomic
topic?
A)
the
severity
of
a
recession
B)
the
cause
of
unemployment
in
the
economy
C)
the
effect
of
the
government
budget
deficit
on
inflation
D)
the
determination
of
aggregate
income
E)
the
study
of
how
wages
are
set
for
mine
workers
-
ANSE
The
branch
of
economics
that
studies
the
national
economy
and
the
global
economy
is
A)
macroeconomics.
B)
microeconomics.
C)
Keynesian
economics.
D)
positive
economics.
E)
normative
economics.
-
ANSA
The
fact
that
human
wants
cannot
be
fully
satisfied
with
available
resources
is
called
the
problem
of
A)
opportunity
cost.
B)
scarcity.
C)
normative
economics.
D)
marginal
cost.
E)
the
big
tradeoff.
-
ANSB
The
problem
of
scarcity
exists
A)
only
in
economies
that
lack
incentives.
B)
only
in
economies
that
have
incentives.
C)
in
all
economies.
D)
only
when
people
are
unemployed.
E)
now
but
will
be
eliminated
with
economic
growth.
-
ANSC
The
inescapable
economic
fact
is
that
A)
there
are
unlimited
wants
and
limited
resources.
B)
there
are
unlimited
resources,
and
we
just
have
to
figure
out
how
to
allocate
them.
C)
capitalists
are
always
exploiting
the
workers.
D)
unions
are
always
exploiting
firms.
E)
capitalists
and
unions
cannot
work
together.
-
ANSA
An
incentive
________.
A)
could
be
a
reward
but
could
not
be
a
penalty
B)
could
be
a
penalty
but
could
not
be
a
reward
C)
could
be
either
a
reward
or
a
penalty
D)
is
the
opposite
of
a
tradeoff
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