Question 1

Which pair of the four Cs would play the dominant role in a simple hunter/gatherer society such as that of the San people of the Kalahari Desert?

Accepted Answer

A) Commercialization and competition. 
B) Cooperation and custom. 
C) Competition and cooperation. 
D) Command and competition. 
A) Commercialization and competition. 
B) Cooperation and custom. 
C) Competition and cooperation. 
D) Command and competition.

Question 2

1.unemployment in Nova Scotia
2.interest rates
3.wages for farm workers
4.inflation rates
5.government's farm price supports
6.monopoly practices in Canada
-Refer to the above information to answer this question.Which of the above are microeconomic concepts?

Accepted Answer

A) 1,3 and 5. 
B) 1,5 and 6. 
C) 2,5 and 6. 
D) 3,5 and 6. 
A) 1,3 and 5. 
B) 1,5 and 6. 
C) 2,5 and 6. 
D) 3,5 and 6.

Question 3

Below is a production possibilities curve for a large tract of prairie farm land.
  
-Refer to the graph above to answer this question.What is the opportunity cost of 1 unit of wheat?

Accepted Answer

A) 0.5 units of rye. 
B) 2 units of rye. 
C) 5 units of rye. 
D) $2. 
A) 0.5 units of rye. 
B) 2 units of rye. 
C) 5 units of rye. 
D) $2.

Question 4

What are the four basic ways that society can use to organize its economic affairs?

Accepted Answer

A) With consumer goods,capital goods,models and positive statements. 
B) Using cooperation,command,custom or competition. 
C) Using plentiful resources,opportunity costs,technology and specialization. 
D) Using capitalism,communism,fantasy and technology. 
A) With consumer goods,capital goods,models and positive statements. 
B) Using cooperation,command,custom or competition. 
C) Using plentiful resources,opportunity costs,technology and specialization. 
D) Using capitalism,communism,fantasy and technology.

Question 5

What does the term technology mean to an economist?

Accepted Answer

A) The way various factors of production are combined to obtain output. 
B) The most recent methods of production. 
C) High-tech methods of production as found,for example,in the computer industry. 
D) The way in which products are allocated. 
A) The way various factors of production are combined to obtain output. 
B) The most recent methods of production. 
C) High-tech methods of production as found,for example,in the computer industry. 
D) The way in which products are allocated.

Question 6

What are the factors of production?

Accepted Answer

A) Land,labour,money,and enterprise. 
B) Land,labour,money,and capital. 
C) Land,labour,capital,and enterprise. 
D) Competition,command,custom,and cooperation. 
A) Land,labour,money,and enterprise. 
B) Land,labour,money,and capital. 
C) Land,labour,capital,and enterprise. 
D) Competition,command,custom,and cooperation.

Question 7

A production possibility curve is a graphical representation of the various combinations of output that are wanted.

Accepted Answer

A) True 
 B)False

Question 8

Discuss the pros and cons of taking from the rich and giving to the poor.

Accepted Answer

Pros
· Government might be able to lower

Question 9

The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks.
  
-Refer to the graph above to answer this question.If new technology increased the output of quirks by 50%,how many quirks could be produced if 600 quarks were produced?

Accepted Answer

A) 18 quirks. 
B) 20 quirks. 
C) 15 quirks. 
D) 10 quirks. 
E) No quirks. 
A) 18 quirks. 
B) 20 quirks. 
C) 15 quirks. 
D) 10 quirks. 
E) No quirks.

Question 10

All of the following statements,except one,are normative statements.Which is the exception?

Accepted Answer

A) The taxes on gasoline should be lower. 
B) Lowering the taxes on gasoline would decrease the price at the pump. 
C) It is wrong for the government to tax gasoline. 
D) The government is trying to mislead people about the tax on gasoline. 
A) The taxes on gasoline should be lower. 
B) Lowering the taxes on gasoline would decrease the price at the pump. 
C) It is wrong for the government to tax gasoline. 
D) The government is trying to mislead people about the tax on gasoline.

Question 11

Which of the following refers to the concept of specialization?

Accepted Answer

A) Different individuals value goods differently. 
B) Some individuals are richer than others. 
C) Different nations have different opportunity costs of producing goods. 
D) Some nations are richer than others. 
A) Different individuals value goods differently. 
B) Some individuals are richer than others. 
C) Different nations have different opportunity costs of producing goods. 
D) Some nations are richer than others.

Question 12

The maximum production possible in Rome and in Cathay are as follows:
  
-If each country specializes in the production of what it does best,what are the gains from trade?

Accepted Answer

A) There are no gains. 
B) 20 bread. 
C) 20 figs. 
D) 10 bread and 10 figs. 
A) There are no gains. 
B) 20 bread. 
C) 20 figs. 
D) 10 bread and 10 figs.

Question 13

What is the difference between a factor of production and factor price? Give an example of each.

Accepted Answer

Factor of production is a productive res

Question 14

Is it more cost effective to remove snow from city highways with labour or capital? Explain.

Accepted Answer

It depends on the opportunity

Question 15

Tigris produces only two products: tennis balls and tennis racquets.Each worker comes with a fixed quantity of materials and capital,and the economy's labour force is fixed at 100 workers.The following table indicates the amounts of balls and racquets that can be produced daily with various quantities of labour:
   a)Can Tigris produce 200 balls and 60 racquets?
b)What is the total cost of producing 150 balls?
c)What is the total cost of producing 75 racquets?
d)If Tigris is currently producing 230 balls,what is the cost of an additional 20 balls?
e)If Tigris is currently producing 30 racquets,what is the cost of an additional 20 racquets?

Accepted Answer

a)No.
b)15 racquets.

Question 16

The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks.
  
-Refer to the graph above to answer this question.Which of the following statements is correct if Mendork is currently producing 500 quarks and 8 quirks?

Accepted Answer

A) This society is using competition to coordinate its economic activities. 
B) This society is experiencing either unemployment or inefficiency. 
C) This economy is experiencing full employment. 
D) This society is not adequately answering the question:" What to produce". 
E) This economy is growing quickly. 
A) This society is using competition to coordinate its economic activities. 
B) This society is experiencing either unemployment or inefficiency. 
C) This economy is experiencing full employment. 
D) This society is not adequately answering the question:" What to produce". 
E) This economy is growing quickly.

Question 17

Below is a production possibilities curve involving tea and videos.
  
-Refer to the graph above to answer this question.What might point U indicate?

Accepted Answer

A) Not all resources available to the economy are being used. 
B) The resources being used are not being used efficiently. 
C) The technology being used is not the most appropriate one. 
D) All of these. 
A) Not all resources available to the economy are being used. 
B) The resources being used are not being used efficiently. 
C) The technology being used is not the most appropriate one. 
D) All of these.

Question 18

Below are some production possibilities data for the mystical land of Lhanor.
  
-Refer to the information above to answer this question.Which of the following statements is correct if Lhanor is currently producing 10 Kaldors and 24 Bouldings?

Accepted Answer

A) All resources must be fully employed. 
B) 18 more units of Bouldings could be produced. 
C) This combinations of goods is not possible. 
D) Graphically,Lhanor is operating inside its PP curve. 
A) All resources must be fully employed. 
B) 18 more units of Bouldings could be produced. 
C) This combinations of goods is not possible. 
D) Graphically,Lhanor is operating inside its PP curve.

Question 19

Which of the following best describe the economies of a capitalist society?

Accepted Answer

A) Competition. 
B) Command. 
C) Mix of competition and command. 
D) Mix of competition and custom. 
A) Competition. 
B) Command. 
C) Mix of competition and command. 
D) Mix of competition and custom.

Question 20

Below is a production possibilities curve for a large tract of prairie farm land.
  
-Refer to the graph above to answer this question.If 300 units of rye are being produced,how many units of wheat are possible?

Accepted Answer

A) 200 units of wheat. 
B) 300 units of wheat. 
C) 600 units of wheat. 
D) 0 units of wheat. 
A) 200 units of wheat. 
B) 300 units of wheat. 
C) 600 units of wheat. 
D) 0 units of wheat.

Which pair of the four Cs would play the dominant role in a simple hunter/gatherer society such as that of the San people of the Kalahari Desert?

1.unemployment in Nova Scotia 2.interest rates 3.wages for farm workers 4.inflation rates 5.government's farm price supports 6.monopoly practices in Canada -Refer to the above information to answer this question.Which of the above are microeconomic concepts?

Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.What is the opportunity cost of 1 unit of wheat?

What are the four basic ways that society can use to organize its economic affairs?

What does the term technology mean to an economist?

What are the factors of production?

A production possibility curve is a graphical representation of the various combinations of output that are wanted.

Discuss the pros and cons of taking from the rich and giving to the poor.

The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. -Refer to the graph above to answer this question.If new technology increased the output of quirks by 50%,how many quirks could be produced if 600 quarks were produced?

All of the following statements,except one,are normative statements.Which is the exception?

Which of the following refers to the concept of specialization?

The maximum production possible in Rome and in Cathay are as follows: -If each country specializes in the production of what it does best,what are the gains from trade?

What is the difference between a factor of production and factor price? Give an example of each.

Is it more cost effective to remove snow from city highways with labour or capital? Explain.

The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. -Refer to the graph above to answer this question.Which of the following statements is correct if Mendork is currently producing 500 quarks and 8 quirks?

Below is a production possibilities curve involving tea and videos. -Refer to the graph above to answer this question.What might point U indicate?

Below are some production possibilities data for the mystical land of Lhanor. -Refer to the information above to answer this question.Which of the following statements is correct if Lhanor is currently producing 10 Kaldors and 24 Bouldings?

Which of the following best describe the economies of a capitalist society?

Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.If 300 units of rye are being produced,how many units of wheat are possible?

Demand and Supply: an Introduction

Measuring the Economy 1: GDP and Economic Growth

Measuring the Economy 2: Unemployment and Inflation

Aggregate Demand and Supply

Aggregate Expenditures

Fiscal Policy

Money and Banking

The Money Market and Monetary Policy

International Trade

Exchange Rates and the Balance of Payments

Macroeconomic Policy Revisited

A Walk Through the Twentieth Century and Beyond

Filters

Exam 1: The Economic Problem

Which pair of the four Cs would play the dominant role in a simple hunter/gatherer society such as that of the San people of the Kalahari Desert?

1.unemployment in Nova Scotia 2.interest rates 3.wages for farm workers 4.inflation rates 5.government's farm price supports 6.monopoly practices in Canada -Refer to the above information to answer this question.Which of the above are microeconomic concepts?

Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.What is the opportunity cost of 1 unit of wheat?

What are the four basic ways that society can use to organize its economic affairs?

What does the term technology mean to an economist?

What are the factors of production?

A production possibility curve is a graphical representation of the various combinations of output that are wanted.

Discuss the pros and cons of taking from the rich and giving to the poor.

The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. -Refer to the graph above to answer this question.If new technology increased the output of quirks by 50%,how many quirks could be produced if 600 quarks were produced?

All of the following statements,except one,are normative statements.Which is the exception?

Which of the following refers to the concept of specialization?

The maximum production possible in Rome and in Cathay are as follows: -If each country specializes in the production of what it does best,what are the gains from trade?

What is the difference between a factor of production and factor price? Give an example of each.

Is it more cost effective to remove snow from city highways with labour or capital? Explain.

The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. -Refer to the graph above to answer this question.Which of the following statements is correct if Mendork is currently producing 500 quarks and 8 quirks?

Below is a production possibilities curve involving tea and videos. -Refer to the graph above to answer this question.What might point U indicate?

Below are some production possibilities data for the mystical land of Lhanor. -Refer to the information above to answer this question.Which of the following statements is correct if Lhanor is currently producing 10 Kaldors and 24 Bouldings?

Which of the following best describe the economies of a capitalist society?

Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.If 300 units of rye are being produced,how many units of wheat are possible?

Demand and Supply: an Introduction

Measuring the Economy 1: GDP and Economic Growth

Measuring the Economy 2: Unemployment and Inflation

Aggregate Demand and Supply

Aggregate Expenditures

Fiscal Policy

Money and Banking

The Money Market and Monetary Policy

International Trade

Exchange Rates and the Balance of Payments

Macroeconomic Policy Revisited

A Walk Through the Twentieth Century and Beyond

Filters