Macroeconomics [test bank] Economics - Canadian Edition, 16e (Ragan)| exam questions and answers fall
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Course
Macroeconomics 101
Institution
Macroeconomics 101
Macroeconomics [test bank] Economics - Canadian Edition, 16e (Ragan)| exam questions and answers fall Macroeconomics [test bank] Economics - Canadian Edition, 16e (Ragan)| exam questions and answers fall
Chapter 1 Economic Issues and Concepts
1.1 What Is Economics?
1) Which of the following s...
Canadian Edition, 16e (Ragan)| exam questions and ans
yt yt yt yt yt yt yt yt
wers fall 2024-2024
yt yt
Chapteryt1y t EconomicytIssuesytandytConcepts
1.1 WhatytIsytEconomics?
1) Whichytofyttheytfollowingytstatementsytprovidesyttheytbestytdefinitionytofyteconomics?
A) Theytstudyytofyttheytmostytequitableytdistributionytofytscarceytresources.
B) Theytstudyytofyttheytuseytofytscarceytresourcesyttoytsatisfyytunlimitedythumanytwants.
C) Theytstudyytofyttheytproductionytofytgoodsytandytservices.
D) Theytstudyytofyttheytproductiveytcapacityytofytaytnation'sytfactorsytofytproduction.
E) Theytstudyytofytproductionytandytincreasingytitsytefficiency
.ytAnswer:y t B
Diff:yt1 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Recall
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative
2) Society'sytresourcesytareytoftenytdividedytintoytbroadytcategories.ytTheyytare
A) goodsytandytservices.
B) factorsytofytconsumption.
C) land,ytlabour,ytandytcapital.
D) populationytandytnaturalytresources.
E) tangibleytcommoditiesytandytintangibleytcommodities.
ytAnswer:y t C
Diff:yt1 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Recall
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative
,3) Consideryttheytfollowingytlist:ytaytworkerytwithyttrainingytinytvideoytgamingyttechnology,yt10ythectaresyt
ofytarableytlandytinytsouthernytOntario,ytaytfishingyttrawlerytinytNovaytScotia,ytanytice-
creamyttruckytatytaytparkytinytQuebec.ytEachytofyttheseytisytanytexampleytof
A) aytfactorytofytproduction.
B) aytcapitalytresource.
C) aytcommodity.
D) goodsytandytservices.
E) anyteconomicytservice.
ytAnswer:y t A
Diff:yt1 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Applied
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative
4) WhichytofyttheytfollowingytisytNOTytconsideredytayt"factorytofytproduction"ytinyteconomics?
A) theytespressoytmachineytatytyourytlocalytcafe
B) theytbaristaytwhoytmakesyttheytcoffee
C) theytespressoytdrinkytyouytpurchase
D) theytwoodytstirytsticks
E) theytlandytonytwhichyttheytcafeytsit
sytAnswer:y t C
Diff:yt2 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Applied
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative
,5) Consideryttheytfollowingytfactorsytofytproduction:
- aytpharmaceuticalytresearchytcentre
- aythairstylist'sytscissors
- Googleytheadquarters
- aytcloudytcomputingytsystem
- aytstaplerytatytaytcheckoutytcounter
.ytEachytofyttheseytisytanytexampleyto
f
A) land.
B) goods.
C) services.
D) capital.
E) labour.yt
Answer:y t D
Diff:yt2 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Applied
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative
6) Inyteconomics,ytwhatytwordytisytusedyttoytdescribeyttheytactytofytusingytgoodsytorytservicesyttoytsati
sfyytwants?
A) consumption
B) production
C) purchasingytpower
D) investment
E) shopping
ytAnswer:y t
A
Diff:yt2 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Recall
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative
, 7) Aytbasicytunderlyingytpointytinyteconomicsytisytthat
A) peopleythaveytunlimitedytwantsytinyttheytfaceytofytlimitedytresources.
B) thereytareytunlimitedytresources.
C) governmentsytshouldytsatisfyyttheytneedsytofyttheytpeople.
D) peopleythaveytlimitedytwantsytinyttheytfaceytofytlimitedytresources.
E) governmentsytshouldytneverytinterfereytinyttheytworkingsytofytaytmarketyteconom
y.ytAnswer:y t A
Diff:yt1 Type:ytMC
Topic:y t 1.1b.ytscarcityytandytchoiceyt
Skill:y t Recall
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative
8) Whichytofyttheytfollowingytbestytdescribesyttheytstudyytofyteconomics?
A) howyttoytplanytanyteconomy
B) howyttoytlimitythumanytwantsytsoytthatytscarceytresourcesytareytsufficient
C) whyytresourcesytareytscarce
D) theytallocationytofytscarceytresourcesytamongytalternativeytuses
E) howyttoytdistributeytincomeytasytequallyytasytpossibl
eytAnswer:y t D
Diff:yt1 Type:ytMC
Topic:y t 1.1b.ytscarcityytandytchoiceyt
Skill:y t Recall
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative
9) Economicsytcanytbestytbeytdescribedytas
A) theytstudyytofythowytaytsocietyytoughtyttoytallocateytitsytresources.
B) theytstudyytofyttheytuseytofytscarceytresourcesyttoytsatisfyytunlimitedythumanytwants.
C) theytapplicationytofytsophisticatedytmathematicalytmodelsyttoytaddressytsocialytproblems.
D) aytnormativeytscience.
E) theytstudyytofythowyttoytreduceytinflationytandytunemploymen
t.ytAnswer:y t B
Diff:yt1 Type:ytMC
Topic:y t 1.1b.ytscarcityytandytchoiceyt
Skill:y t Recall
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative
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