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Test Bank For Macroeconomics, Canadian Edition, 3rd Edition by Glenn Hubbard, Anthony Patrick O'Brien, Apostolos Serletis, Jason Childs Chapter 1-15 $17.49   Add to cart
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Test Bank For Macroeconomics, Canadian Edition, 3rd Edition by Glenn Hubbard, Anthony Patrick O'Brien, Apostolos Serletis, Jason Childs Chapter 1-15
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Test Bank For Macroeconomics, Canadian Edition, 3rd Edition by Glenn Hubbard, Anthony Patrick O'Brien, Apostolos Serletis, Jason Childs Chapter 1-15

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  • April 7, 2024
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TEST BANK For Suzanne Iskander Humber College Macroeconomics, 3CE R. Glenn Hubbard Columbia University Anthony Patrick O’Brien Lehigh University Apostolis S erletis University of Calgary Jason Childs University of Regina ISBN 9780135651759 Copyright © xxxx Pearson Canada Inc., Toronto, Canada 2 Macroeconomics, Third Canadian Edition (Hubbard) Chapter 1 Economics: Foundations and Models 1.1 Three Key Economic Ideas 1) Changes in global weather patterns can lead to A) more Canadians drinking coffee. B) Canadians having to pay more for coffee. C) wage increases for coffee shop employees. D) the destruction of the Canadian coffee harvest. E) Canadians demanding more coffee. Answer: B Diff: 1 Type: MC Page Ref: 2 Topic: Scarcity Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to incentives, optimal decisions are made at the margin AACSB: Reflective Thinking Special Feature: Chapter Opener: You versus Caffeine? 2) The study of economics arises due to A) money. B) scarcity. C) greed . D) unlimited resources. E) unemployment. Answer: B Diff: 1 Type: MC Page Ref: 2 Topic: Scarcity Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to incentives, optimal decisions are made at t he margin AACSB: Analytic Skills 3) Scarcity refers to the situation in which A) unlimited wants exceed limited resources. B) unlimited resources exceed limited wants. C) a country's population is larger than its resource base. D) a nation's poverty leve l increases faster than its population. E) our needs and wants are finite. Answer: A Diff: 1 Type: MC Page Ref: 2 Topic: Scarcity Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to incentives, optimal decisions are made at the margin AACSB: Analytic Skills Copyright © xxxx Pearson Canada Inc., Toronto, Canada 3 4) The basic economic problem of ________ has always existed and will continue to exist. A) scarcity B) efficiency C) inflation D) recession E) unemployment Answer: A Diff: 1 Type: MC Page Ref: 2 Topic: Scarcity Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to incentives, optimal decisions are made at the margin AACSB: Reflective Thinking 5) Economics is the study of the __ ______ people make to attain their goals, given their ________ resources. A) purchases; unlimited B) choices; scarce C) income; available D) decisions; household E) output; time Answer: B Diff: 1 Type: MC Page Ref: 2 Topic: Scarcity Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to incentives, optimal decisions are made at the margin AACSB: Analytic Skills 6) An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. A) market B) trade -off C) variable D) model E) opportunity cost Answer: D Diff: 1 Type: MC Page Ref: 3 Topic: Economic Models Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to incentives, optimal decisions are made at the margin AACSB: Reflective Thinking Copyright © xxxx Pearson Canada Inc., Toronto, Canada 4 7) The term "market" in economics refers to A) a place where money changes hands between institutions and the arrangements they make. B) a legal institution where exchange can take place between a group of buyers and sellers. C) a group of buyers and sellers and the arrangement by which they come together to trade. D) an organization which sells goods and services to a group of buyers who make decisions at the margin. E) a place where stocks are traded between a group of international buyers and sellers. Answer: C Diff: 1 Type: MC Page Ref: 3 Topic: Markets Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people r espond to incentives, optimal decisions are made at the margin AACSB: Analytic Skills 8) The term ________ in economics refers to a group of buyers and sellers of a product and the arrangement by which they come together to trade. A) collective B) cooper ative C) market D) trade -off E) monopoly Answer: C Diff: 1 Type: MC Page Ref: 3 Topic: Markets Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to incentives, optimal decisions are made at the margin AACSB: Reflective Thinking 9) Economists assume that A) individuals behave in unpredictable ways. B) consumer behaviour is explained by the existence of unlimited resources. C) people put other people's interests ahead of their own. D) optimal dec isions are made at the margin. E) society's output should be equally distributed. Answer: D Diff: 1 Type: MC Page Ref: 5 Topic: Optimal Decisions Are Made at the Margin Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to incentives, optimal decisions are made at the margin AACSB: Analytic Skills

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