100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Exam Microeconomics, 17th Canadian Edition, 17e By Christopher Ragan (Test Bank CA$40.62   Add to cart
Quickly navigate to
Preview
  2.  
  3. Microeconomics, 17th Canadian
  4.  
  5. Microeconomics, 17th Canadian

Exam (elaborations)

Exam Microeconomics, 17th Canadian Edition, 17e By Christopher Ragan (Test Bank
 42 views  1 purchase
  • Course
  • Microeconomics, 17th Canadian
  • Institution
  • Microeconomics, 17th Canadian

Exam Microeconomics, 17th Canadian Edition, 17e By Christopher Ragan (Test Bank Chapter 1 Economic Issues and Concepts 1.1 What Is Economics? 1) Which of the following statements provides the best definition of economics? A) The study of the most equitable distribution of scarce resources....

[Show more]

Preview 4 out of 1582  pages

Document information

  • October 1, 2023
  • 1582
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • exam microeconomics 17th canadian edition 17e by
  • microeconomics 17th canadian edition 17e by
  • exam microeconomics 17th canadian
  • exam microeconomics 17th canadian
  • microeconomics 17th canadian edition 17

Written for

  • Microeconomics, 17th Canadian
  • Microeconomics, 17th Canadian

Seller

avatar-seller
martinezmartinez

Reviews received

Content preview

Exam
Microeconomics, 17th Canadian Edition, 17e By Christopher Ragan (Test Bank)




Exam
Microeconomics, 17th Canadian Edition, 17e By
Christopher Ragan (Test Bank)




Exam
Microeconomics, 17th Canadian Edition, 17e By Christopher Ragan (Test Bank)

,Exam
Microeconomics, 17th Canadian Edition, 17e By Christopher Ragan (Test Bank)




Chapter 1 Economic Issues and Concepts

1.1 What Is Economics?

1) Which of the following statements provides the best definition of economics?
A) The study of the most equitable distribution of scarce resources.
B) The study of the use of scarce resources to satisfy unlimited human wants.
C) The study of the production of goods and services.
D) The study of the productive capacity of a nation's factors of production.
E) The study of production and increasing its efficiency.
Answer: B
Diff: 1 Type: MC
Topic: 1.1a. economics/resources
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative

2) Society's resources are often divided into broad categories. They are
A) goods and services.
B) factors of consumption.
C) land, labour, and capital.
D) population and natural resources.
E) tangible commodities and intangible commodities.
Answer: C
Diff: 1 Type: MC
Topic: 1.1a. economics/resources
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative

,Exam
Microeconomics, 17th Canadian Edition, 17e By Christopher Ragan (Test Bank)




3) Consider the following list: a worker with training in video gaming technology, 10 hectares of
arable land in southern Ontario, a fishing trawler in Nova Scotia, an ice-cream truck at a park in
Quebec. Each of these is an example of
A) a factor of production.
B) a capital resource.
C) a commodity.
D) goods and services.
E) an economic service.
Answer: A
Diff: 1 Type: MC
Topic: 1.1a. economics/resources
Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative

4) Which of the following is NOT considered a "factor of production" in economics?
A) the espresso machine at your local cafe
B) the barista who makes the coffee
C) the espresso drink you purchase
D) the wood stir sticks
E) the land on which the cafe sits
Answer: C
Diff: 2 Type: MC
Topic: 1.1a. economics/resources
Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative

, Exam
Microeconomics, 17th Canadian Edition, 17e By Christopher Ragan (Test Bank)




5) Consider the following factors of production:
- a pharmaceutical research centre
- a hairstylist's scissors
- Google headquarters
- a cloud computing system
- a stapler at a checkout counter.
Each of these is an example of
A) land.
B) goods.
C) services.
D) capital.
E) labour.
Answer: D
Diff: 2 Type: MC
Topic: 1.1a. economics/resources
Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative

6) In economics, what word is used to describe the act of using goods or services to satisfy
wants?
A) consumption
B) production
C) purchasing power
D) investment
E) shopping
Answer: A
Diff: 2 Type: MC
Topic: 1.1a. economics/resources
Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity cost, and how
each is illustrated by the production possibilities boundary.
Category: Qualitative

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller martinezmartinez. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$40.62. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you

Judgments ·

(0)

International Human Rights law - brief case summary week 1-2

Exam (elaborations) ·

(0)

Pharmacology Content Mastery Series Review 2023/2024

CA$40.62  1x  sold
  • (0)
  Add to cart