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TEST BANK for Microeconomics: Canada in the Global Environment 11th Edition by Michael Parkin & Robin Bade. All Chapters 1-18 Updated A+ TABLE OF CONTENT Page : 1 Chapter 1 What Is Economi cs? Page : 2 Page : 78 Chapter 2 The Economic Problem Page : 128 Chapter 3 Demand and Supply 3.1 Markets and P...
TEST BANK for Microeconomics: Canada in the Global Environment 11th Edition by Michael Parkin & Robin Bade. All Chapters 1-18. 803 pages.
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Microeconomics: Canada in the Global Environment 11th Edition by Michael Parkin & Robin
Bade.
TEST BANK for Microeconomics:
Canada in the Global Environment 11th
Edition by Michael Parkin & Robin
Bade. All Chapters 1-18
(Parkin)Chapter 1 What Is Economics?
1.1 Definition of Economics
1) 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.Answer: E
Diff: 1 Type: MC
Topic: Definition of Economics
2) 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 asthey cope with scarcity and the incentives that influence and reconcile those
choices
Test Bank Page 1
, Microeconomics: Canada in the Global Environment 11th Edition by Michael Parkin & Robin
Bade.
E) the study of how consumers and producers meet each other in the
marketAnswer: D
Diff: 1 Type: MC
Topic: Definition of Economics
3) 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
decreasesAnswer: A
Diff: 1 Type: MC
Topic: Definition of Economics
4) 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.Answer: B
Diff: 1 Type: MC
Topic: Definition of Economics
1
5) Which of the following newspaper headlines concerns a macroeconomic issue?
Test Bank Page 2
, Microeconomics: Canada in the Global Environment 11th Edition by Michael Parkin & Robin
Bade.
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 inthe Maritimes?
D) Why is Japan's economy stagnant?
E) Why do grain producers purchase less
pesticides?Answer: D
Diff: 1 Type: MC
Topic: Definition of Economics
6) 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.
Answer: B
Diff: 1 Type: MC
Topic: Definition of Economics
7) 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.Answer: E
Diff: 2 Type: MC
Test Bank Page 3
, Microeconomics: Canada in the Global Environment 11th Edition by Michael Parkin & Robin
Bade.
Topic: Definition of Economics
8) 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 performance of the national economy and the global
economy.Answer: E
Diff: 2 Type: MC
Topic: Definition of Economics
9) 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.Answer: D
Diff: 2 Type: MC
Topic: Definition of Economics
10) 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
gasolineAnswer: C
Test Bank Page 4
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