Question 1

Use the figure below to answer the following questions.
   
Figure 1A.1.5
-Consider graph (b)of Figure 1A.1.5.Which one of the following statements is true?

Accepted Answer

A) x and y are negatively related. 
B) x and y are unrelated. 
C) x and y are positively related. 
D) x and y move in opposite directions. 
E) both A and D are correct. 
A) x and y are negatively related. 
B) x and y are unrelated. 
C) x and y are positively related. 
D) x and y move in opposite directions. 
E) both A and D are correct.

Question 2

Opportunity cost is

Accepted Answer

A) the value of your favourite activity. 
B) your value of leisure. 
C) the money you spend on food, shelter, and clothing. 
D) the marginal benefit from an activity. 
E) the highest-valued alternative that we give up to get something. 
A) the value of your favourite activity. 
B) your value of leisure. 
C) the money you spend on food, shelter, and clothing. 
D) the marginal benefit from an activity. 
E) the highest-valued alternative that we give up to get something.

Question 3

Use the figure below to answer the following questions.
   
Figure 1A.2.3
-Refer to Figure 1A.2.3.Which one of the graphs shows a negative relationship between x and y?

Accepted Answer

A) (a) 
B) (b) 
C) (c) 
D) (d) 
E) both (a)and (d) 
A) (a) 
B) (b) 
C) (c) 
D) (d) 
E) both (a)and (d)

Question 4

Use the figure below to answer the following question.
   
Figure 1A.5.4
-Refer to Figure 1A.5.4.The graph shows the relationship between two variables, x and y.This relationship is described by the equation

Accepted Answer

A) y = 5x² + 10. 
B) y = 10x + 5. 
C) y = -5x + 10. 
D) y = 5x + 10. 
E) x = 10 + 5y. 
A) y = 5x² + 10. 
B) y = 10x + 5. 
C) y = -5x + 10. 
D) y = 5x + 10. 
E) x = 10 + 5y.

Question 5

Which of the following is an example of a positive statement?

Accepted Answer

A) Canada should cut back on its use of carbon-based fuels such as coal and oil. 
B) Increasing the minimum wage results in more unemployment. 
C) Every Canadian should have equal access to healthcare. 
D) The Bank of Canada ought to cut the interest rate. 
E) Canada should have lower tax rates for wealthier Canadians. 
A) Canada should cut back on its use of carbon-based fuels such as coal and oil. 
B) Increasing the minimum wage results in more unemployment. 
C) Every Canadian should have equal access to healthcare. 
D) The Bank of Canada ought to cut the interest rate. 
E) Canada should have lower tax rates for wealthier Canadians.

Question 6

Which one of the following would economists classify as land?

Accepted Answer

A) an automotive plant in British Columbia 
B) rich agricultural soil in Saskatchewan 
C) an oil rig in the Atlantic Ocean 
D) an elementary school in Nova Scotia 
E) automobiles parked in a parking lot in Manitoba 
A) an automotive plant in British Columbia 
B) rich agricultural soil in Saskatchewan 
C) an oil rig in the Atlantic Ocean 
D) an elementary school in Nova Scotia 
E) automobiles parked in a parking lot in Manitoba

Question 7

A star athlete can afford a garage full of exotic cars while other people can only afford to take a city bus for transportation.This is an example of an economy facing the ________ question.

Accepted Answer

A) "what" 
B) "how" 
C) "for whom" 
D) "where" 
E) "when" 
A) "what" 
B) "how" 
C) "for whom" 
D) "where" 
E) "when"

Question 8

Use the figure below to answer the following question.
   
Figure 1A.5.2
-If the equation of a straight line is y = 6 + 3x, then the slope is

Accepted Answer

A) -3 and the y-intercept is 6. 
B) -3 and the y-intercept is -2. 
C) 3 and the y-intercept is 6. 
D) 3 and the y-intercept is -2. 
E) 3 and the y-intercept is -6. 
A) -3 and the y-intercept is 6. 
B) -3 and the y-intercept is -2. 
C) 3 and the y-intercept is 6. 
D) 3 and the y-intercept is -2. 
E) 3 and the y-intercept is -6.

Question 9

Use the figure below to answer the following question.
   
Figure 1A.5.2
-The equation of a line is y = 4 + 2x.What is the y-intercept of this line?

Accepted Answer

A) 4 
B) -2 
C) -1/2 
D) 1/4 
E) 0 
A) 4 
B) -2 
C) -1/2 
D) 1/4 
E) 0

Question 10

Use the figure below to answer the following questions.
   
Figure 1A.4.3
-In Figure 1A.4.3, x is

Accepted Answer

A) positively related to y and negatively related to z. 
B) positively related to both y and z. 
C) negatively related to y and positively related to z. 
D) negatively related to both y and z. 
E) greater than z. 
A) positively related to y and negatively related to z. 
B) positively related to both y and z. 
C) negatively related to y and positively related to z. 
D) negatively related to both y and z. 
E) greater than z.

Question 11

Use the table below to answer the following questions.
Table 1A.3.3
  
-Refer to Table 1A.3.3.If we were to draw a graph of this relationship, when would the slope be positive?

Accepted Answer

A) never 
B) only if x is less than 5 
C) only if x equals 5 
D) only if x is greater than 5 
E) We do not have enough information to tell. 
A) never 
B) only if x is less than 5 
C) only if x equals 5 
D) only if x is greater than 5 
E) We do not have enough information to tell.

Question 12

Which of the following sayings best describes opportunity cost?

Accepted Answer

A) "Make hay while the sun shines." 
B) "Love of money is the root of all evil." 
C) "Boldly go where no one has gone before." 
D) "There's no such thing as a free lunch." 
E) "Baseball has been very good to me." 
A) "Make hay while the sun shines." 
B) "Love of money is the root of all evil." 
C) "Boldly go where no one has gone before." 
D) "There's no such thing as a free lunch." 
E) "Baseball has been very good to me."

Question 13

Complete the following sentence.Macroeconomics

Accepted Answer

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 national economy and the global economy. 
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 national economy and the global economy.

Question 14

The fact that some people can afford to live in beautiful homes while others are homeless is an example of an economy facing the ________ question.

Accepted Answer

A) "what" 
B) "how" 
C) "for whom" 
D) "where" 
E) "when" 
A) "what" 
B) "how" 
C) "for whom" 
D) "where" 
E) "when"

Question 15

Choose the correct statement.

Accepted Answer

A) Canada produces more services than goods. 
B) Canada produces more goods than services. 
C) Canada produces an equal quantity of goods and services. 
D) China's production of services is a greater percentage of its total production than Canada's. 
E) Canada's production of manufacturing is a greater percentage of its total production than China's. 
A) Canada produces more services than goods. 
B) Canada produces more goods than services. 
C) Canada produces an equal quantity of goods and services. 
D) China's production of services is a greater percentage of its total production than Canada's. 
E) Canada's production of manufacturing is a greater percentage of its total production than China's.

Question 16

Use the figure below to answer the following questions.
   
Figure 1A.3.4
-In Figure 1A.3.4, the slope across arc AB is

Accepted Answer

A) 2/3. 
B) -1. 
C) -3/2. 
D) -3. 
E) -9/4. 
A) 2/3. 
B) -1. 
C) -3/2. 
D) -3. 
E) -9/4.

Question 17

Use the figure below to answer the following questions.
   
Figure 1A.2.4
-Which curve or curves in Figure 1A.2.4 shows a positive relationship between unemployment and inflation?

Accepted Answer

A) A 
B) A and B 
C) B, C, and D 
D) A and C 
E) none of the curves. 
A) A 
B) A and B 
C) B, C, and D 
D) A and C 
E) none of the curves.

Question 18

Which one of the following topics does macroeconomics study?

Accepted Answer

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 gasoline 
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 gasoline

Question 19

Which one of the following news headlines definitely concerns the social interest?

Accepted Answer

A) McDonald's Moves into Salads 
B) Starbucks Expands in China 
C) E Coli Test Results Must be Posted on Beaches 
D) Microsoft to Make Windows8 Available Online 
E) The Maple Leafs Win the Stanley Cup 
A) McDonald's Moves into Salads 
B) Starbucks Expands in China 
C) E Coli Test Results Must be Posted on Beaches 
D) Microsoft to Make Windows8 Available Online 
E) The Maple Leafs Win the Stanley Cup

Question 20

Use the figure below to answer the following questions.
   
Figure 1A.2.1
-Refer to Figure 1A.2.1.When y increases from 5 to 6, x

Accepted Answer

A) increases from 5 to 6. 
B) increases from 7 to 8. 
C) increases from 7 to 9. 
D) decreases from 9 to 7. 
E) increases from 7 to 7 1/2. 
A) increases from 5 to 6. 
B) increases from 7 to 8. 
C) increases from 7 to 9. 
D) decreases from 9 to 7. 
E) increases from 7 to 7 1/2.

Use the figure below to answer the following questions. Figure 1A.1.5 -Consider graph (b)of Figure 1A.1.5.Which one of the following statements is true?

Opportunity cost is

Use the figure below to answer the following questions. Figure 1A.2.3 -Refer to Figure 1A.2.3.Which one of the graphs shows a negative relationship between x and y?

Use the figure below to answer the following question. Figure 1A.5.4 -Refer to Figure 1A.5.4.The graph shows the relationship between two variables, x and y.This relationship is described by the equation

Which of the following is an example of a positive statement?

Which one of the following would economists classify as land?

A star athlete can afford a garage full of exotic cars while other people can only afford to take a city bus for transportation.This is an example of an economy facing the ________ question.

Use the figure below to answer the following question. Figure 1A.5.2 -If the equation of a straight line is y = 6 + 3x, then the slope is

Use the figure below to answer the following question. Figure 1A.5.2 -The equation of a line is y = 4 + 2x.What is the y-intercept of this line?

Use the figure below to answer the following questions. Figure 1A.4.3 -In Figure 1A.4.3, x is

Use the table below to answer the following questions. Table 1A.3.3 -Refer to Table 1A.3.3.If we were to draw a graph of this relationship, when would the slope be positive?

Which of the following sayings best describes opportunity cost?

Complete the following sentence.Macroeconomics

The fact that some people can afford to live in beautiful homes while others are homeless is an example of an economy facing the ________ question.

Choose the correct statement.

Use the figure below to answer the following questions. Figure 1A.3.4 -In Figure 1A.3.4, the slope across arc AB is

Use the figure below to answer the following questions. Figure 1A.2.4 -Which curve or curves in Figure 1A.2.4 shows a positive relationship between unemployment and inflation?

Which one of the following topics does macroeconomics study?

Which one of the following news headlines definitely concerns the social interest?

Use the figure below to answer the following questions. Figure 1A.2.1 -Refer to Figure 1A.2.1.When y increases from 5 to 6, x

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, Preferences, and Choices

Organizing Production

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Externalities

Public Goods and Common Resources

Markets for Factors of Production

Filters

Exam 1: What Is Economics

Use the figure below to answer the following questions. Figure 1A.1.5 -Consider graph (b)of Figure 1A.1.5.Which one of the following statements is true?

Opportunity cost is

Use the figure below to answer the following questions. Figure 1A.2.3 -Refer to Figure 1A.2.3.Which one of the graphs shows a negative relationship between x and y?

Use the figure below to answer the following question. Figure 1A.5.4 -Refer to Figure 1A.5.4.The graph shows the relationship between two variables, x and y.This relationship is described by the equation

Which of the following is an example of a positive statement?

Which one of the following would economists classify as land?

A star athlete can afford a garage full of exotic cars while other people can only afford to take a city bus for transportation.This is an example of an economy facing the ________ question.

Use the figure below to answer the following question. Figure 1A.5.2 -If the equation of a straight line is y = 6 + 3x, then the slope is

Use the figure below to answer the following question. Figure 1A.5.2 -The equation of a line is y = 4 + 2x.What is the y-intercept of this line?

Use the figure below to answer the following questions. Figure 1A.4.3 -In Figure 1A.4.3, x is

Use the table below to answer the following questions. Table 1A.3.3 -Refer to Table 1A.3.3.If we were to draw a graph of this relationship, when would the slope be positive?

Which of the following sayings best describes opportunity cost?

Complete the following sentence.Macroeconomics

The fact that some people can afford to live in beautiful homes while others are homeless is an example of an economy facing the ________ question.

Choose the correct statement.

Use the figure below to answer the following questions. Figure 1A.3.4 -In Figure 1A.3.4, the slope across arc AB is

Use the figure below to answer the following questions. Figure 1A.2.4 -Which curve or curves in Figure 1A.2.4 shows a positive relationship between unemployment and inflation?

Which one of the following topics does macroeconomics study?

Which one of the following news headlines definitely concerns the social interest?

Use the figure below to answer the following questions. Figure 1A.2.1 -Refer to Figure 1A.2.1.When y increases from 5 to 6, x

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Utility and Demand

Possibilities, Preferences, and Choices

Organizing Production

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Externalities

Public Goods and Common Resources

Markets for Factors of Production

Filters