Question 1

The x axis on a graph is

Accepted Answer

A) the horizontal axis. 
B) the vertical axis. 
C) a line showing the relationship between an independent and a dependent variable. 
D) the axis on which values of a dependent variable normally are recorded. 
A) the horizontal axis. 
B) the vertical axis. 
C) a line showing the relationship between an independent and a dependent variable. 
D) the axis on which values of a dependent variable normally are recorded.

Question 2

Define the concept of opportunity cost and show your understanding of how it applies to real world choices by using an example in which a choice must be made from several alternatives rather than just two

Accepted Answer

Opportunity cost is the value of best al

Question 3

Explain the roles of positive and normative economics in choosing between alternative policies that might be adopted in regulating public utilities.

Accepted Answer

Positive economics is the study of "what

Question 4

The opportunity cost of going to college typically includes

Accepted Answer

A) paying for room,board,and other living expenses. 
B) paying tuition. 
C) purchasing textbooks. 
D) giving up employment possibilities while in college. 
A) paying for room,board,and other living expenses. 
B) paying tuition. 
C) purchasing textbooks. 
D) giving up employment possibilities while in college.

Question 5

Explain the similarities and differences between macroeconomics and microeconomics.

Accepted Answer

Both study the implications of scarcity.

Question 6

Explain why economists never include "money" as a resource.

Accepted Answer

Resources include land,labour,capital (i

Question 7

Which of the following is an application of the ceteris paribus condition?

Accepted Answer

A) An analysis of how worker productivity increases when a firm invests in new computers and new training programs for its employees. 
B) An analysis of how people purchase more goods when prices decline and income increases. 
C) After reading an article on the dangers of high fat diets,an individual buys less red meat when prices increase. 
D) An analysis of how price changes affect how much people will purchase when all other factors are held constant. 
A) An analysis of how worker productivity increases when a firm invests in new computers and new training programs for its employees. 
B) An analysis of how people purchase more goods when prices decline and income increases. 
C) After reading an article on the dangers of high fat diets,an individual buys less red meat when prices increase. 
D) An analysis of how price changes affect how much people will purchase when all other factors are held constant.

Question 8

Figure 1A-2 Slope  
-In Figure 1A-2,the slope of the dotted line joining points A and B is

Accepted Answer

A) zero 
B) 2)0 
C) 0)5 
D) infinite 
A) zero 
B) 2)0 
C) 0)5 
D) infinite

Question 9

Scarcity implies that

Accepted Answer

A) people should limit their wants. 
B) firms must become more efficient when producing goods. 
C) people must make choices. 
D) non-renewable resources should never be used. 
A) people should limit their wants. 
B) firms must become more efficient when producing goods. 
C) people must make choices. 
D) non-renewable resources should never be used.

Question 10

The income that is earned when land is used to produce goods and services is ________.

Accepted Answer

The answer of The income that is earned when land...

Question 11

Economics is an empirical science,which means that economists

Accepted Answer

A) prove their models are true by referring to logic. 
B) evaluate their models or theories by whether their assumptions are consistent with the real world. 
C) have to use laboratory experiments to test their models at least some of the time. 
D) look for evidence on whether their models are useful or not. 
A) prove their models are true by referring to logic. 
B) evaluate their models or theories by whether their assumptions are consistent with the real world. 
C) have to use laboratory experiments to test their models at least some of the time. 
D) look for evidence on whether their models are useful or not.

Question 12

In economic language,the term cost always means

Accepted Answer

A) the value of the best foregone opportunity when a choice is made. 
B) the money spent purchasing land,labour,and capital inputs into production. 
C) the prices of factors of production. 
D) the money spent purchasing consumer goods. 
A) the value of the best foregone opportunity when a choice is made. 
B) the money spent purchasing land,labour,and capital inputs into production. 
C) the prices of factors of production. 
D) the money spent purchasing consumer goods.

Question 13

In his book "An Inquiry into the Nature and Causes of the Wealth of Nations," economist Adam Smith argued that individuals

Accepted Answer

A) always consider the impact of their actions on the welfare of others. 
B) act as if motivated by self-interest. 
C) never consider the impact of their actions on the welfare of others. 
D) are usually not concerned with economic questions. 
A) always consider the impact of their actions on the welfare of others. 
B) act as if motivated by self-interest. 
C) never consider the impact of their actions on the welfare of others. 
D) are usually not concerned with economic questions.

Question 14

Macroeconomics is best defined by which of the following statements?

Accepted Answer

A) Macroeconomics is the study of individual economic units. 
B) Macroeconomics is the study of how the prices of individual goods are determined. 
C) Macroeconomics is the study of how firms strive to maximize their profits. 
D) Macroeconomics is the study of the economy as a whole. 
A) Macroeconomics is the study of individual economic units. 
B) Macroeconomics is the study of how the prices of individual goods are determined. 
C) Macroeconomics is the study of how firms strive to maximize their profits. 
D) Macroeconomics is the study of the economy as a whole.

Question 15

Economic models deal with

Accepted Answer

A) people's behaviour in responding to scarcity. 
B) how people think about making choices. 
C) group opinions. 
D) the reasons people give for donating to charity. 
A) people's behaviour in responding to scarcity. 
B) how people think about making choices. 
C) group opinions. 
D) the reasons people give for donating to charity.

Question 16

Another term for an "economic model" is an

Accepted Answer

A) economic theory. 
B) economic design. 
C) economic science. 
D) economic assumption. 
A) economic theory. 
B) economic design. 
C) economic science. 
D) economic assumption.

Question 17

Select the positive economic statement from the following list.

Accepted Answer

A) Government programs to help the poor are making problems worse. 
B) One in every five children in Canada is living in poverty. 
C) The number of families living in poverty in Canada is too high. 
D) Increases in poverty rates signify a deterioration of the Canadian economy. 
A) Government programs to help the poor are making problems worse. 
B) One in every five children in Canada is living in poverty. 
C) The number of families living in poverty in Canada is too high. 
D) Increases in poverty rates signify a deterioration of the Canadian economy.

Question 18

Resources,including labour,are scarce.Discuss what that means for the common goal of politicians and others to "create jobs" in their communities by attracting new business or to "save jobs" by keeping existing businesses from closing or downsizing.(Make sure your answer discusses the importance of opportunity costs. )

Accepted Answer

Creating jobs means using up labour,a sc

Question 19

Positive economic analysis is said to be

Accepted Answer

A) true. 
B) value free. 
C) false. 
D) value laden. 
A) true. 
B) value free. 
C) false. 
D) value laden.

Question 20

Which of the following sets of terms are closely connected in economic analysis?

Accepted Answer

A) Goods,economic goods,and needs 
B) Labour,needs,and opportunity costs 
C) Choices,opportunity costs,and trade-offs 
D) Production,possibilities,and wants 
A) Goods,economic goods,and needs 
B) Labour,needs,and opportunity costs 
C) Choices,opportunity costs,and trade-offs 
D) Production,possibilities,and wants

The x axis on a graph is

Define the concept of opportunity cost and show your understanding of how it applies to real world choices by using an example in which a choice must be made from several alternatives rather than just two

Explain the roles of positive and normative economics in choosing between alternative policies that might be adopted in regulating public utilities.

The opportunity cost of going to college typically includes

Explain the similarities and differences between macroeconomics and microeconomics.

Explain why economists never include "money" as a resource.

Which of the following is an application of the ceteris paribus condition?

Figure 1A-2 Slope -In Figure 1A-2,the slope of the dotted line joining points A and B is

Scarcity implies that

The income that is earned when land is used to produce goods and services is ________.

Economics is an empirical science,which means that economists

In economic language,the term cost always means

In his book "An Inquiry into the Nature and Causes of the Wealth of Nations," economist Adam Smith argued that individuals

Macroeconomics is best defined by which of the following statements?

Economic models deal with

Another term for an "economic model" is an

Select the positive economic statement from the following list.

Positive economic analysis is said to be

Which of the following sets of terms are closely connected in economic analysis?

Production Possibilities and Economic Systems

Demand and Supply

Introduction to Macroeconomics

Measuring the Economys Performance

Modelling Real Gdp and the Price Level in the Long Run

Economic Growth and Development

Modelling Real Gdp and the Price Level in the Short Run

Consumption, investment, and the Multiplier

The Public Sector

Fiscal Policy and the Public Debt

Money and the Banking System

Money Creation and Deposit Insurance

The Bank of Canada and Monetary Policy

Issues in Stabilization Policy

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

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Exam 1: The Nature of Economics

The x axis on a graph is

Define the concept of opportunity cost and show your understanding of how it applies to real world choices by using an example in which a choice must be made from several alternatives rather than just two

Explain the roles of positive and normative economics in choosing between alternative policies that might be adopted in regulating public utilities.

The opportunity cost of going to college typically includes

Explain the similarities and differences between macroeconomics and microeconomics.

Explain why economists never include "money" as a resource.

Which of the following is an application of the ceteris paribus condition?

Figure 1A-2 Slope -In Figure 1A-2,the slope of the dotted line joining points A and B is

Scarcity implies that

The income that is earned when land is used to produce goods and services is ________.

Economics is an empirical science,which means that economists

In economic language,the term cost always means

In his book "An Inquiry into the Nature and Causes of the Wealth of Nations," economist Adam Smith argued that individuals

Macroeconomics is best defined by which of the following statements?

Economic models deal with

Another term for an "economic model" is an

Select the positive economic statement from the following list.

Positive economic analysis is said to be

Which of the following sets of terms are closely connected in economic analysis?

Production Possibilities and Economic Systems

Demand and Supply

Introduction to Macroeconomics

Measuring the Economys Performance

Modelling Real Gdp and the Price Level in the Long Run

Economic Growth and Development

Modelling Real Gdp and the Price Level in the Short Run

Consumption, investment, and the Multiplier

The Public Sector

Fiscal Policy and the Public Debt

Money and the Banking System

Money Creation and Deposit Insurance

The Bank of Canada and Monetary Policy

Issues in Stabilization Policy

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

Filters