Exam 2: Economics Evolving Systems

The national debt is the accumulation of deficits that have occurred in the past as a result of expenditures exceeding tax revenues.

For the past 10 years,Kris Boja has been a welder for a local manufacturer.This morning her boss informed her that a robot would replace her.Boja's unemployment is an example of which type of unemployment?

The GMC manager who evaluates truck models made by his competition,consumer demand for different sizes of trucks,labour and material costs to build trucks,and current prices of all trucks would be taking which of the following perspectives?

No true examples of a pure monopoly exist today.

What is a decline in real GDP for at least two consecutive quarters called?

It takes four consecutive quarters of decline in the GDP for economists to consider the economy to be in a recession.

Which of the following statements best describes how equilibrium varies?

Southern Ontario farmers have found it difficult to go into olive farming because olives imported from Europe are priced so much cheaper.Canadian farmers have to meet various climate challenges to grow olives and thus have higher expenses.Consumers prefer to buy the lower-priced imported olives rather than locally grown olives.The problems that make it unprofitable for an Ontario farmer to profitably become an olive farmer would be considered which of the following?

The Bank of Canada increases the growth of the money supply when it implements which of the following?

What is the name of the business cycle that follows a recession?

When Parliament passes a law to raise individual tax rates,it is creating fiscal policy.

What is the name of the business cycle that follows a recessionary one?

In a large metropolitan market,it is relatively easy to set up a law office.The ease of entry explains why you will find hundreds of lawyers listed in the Toronto phone book.Each lawyer is a close substitute for another but with slight differences.Which of the following market structures best describes the one in which lawyers operate?

Which of the following statements about demand and supply accurately describes the direction one of the curves will take if one variable is altered?

The consumer price index (CPI)is partially composed of which of the following?

What are the factors of production and why are they important?

What is the definition of macroeconomics?

To examine how the sectors of the economy interact,you should think in terms of which of the following figures?

In which type of market structure can few sellers exert substantial control over prices?

Which of the following directions describe the slope of the supply curve?