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Lecture

MIDVersionA S2012 Sadia.pdf

18 Pages
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Department
Economics
Course Code
ECON 1000
Professor
Sadia Mariam Malik

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Description
MULTIPLE CHOICEChoose the one alternative that best completes the statement or answers the question1Which version of the exam do you have1AVersion ABVersion BCVersion CDVersion D2Which of the following is a macroeconomic topic2AHow would a tax on ecommerce affect ChapterscaBWhy do grain producers purchase less pesticidesCWhy are people buying more SUVs and fewer minivansDHow would an unexpected freeze in Oxford Nova Scotia reduce the price ofblueberries in the MaritimesEWhy is Japans economy stagnated3The study of how wages are set for New Brunswick teachers would be considered3Aeconomics of private interestBeconomics of social interestCmicroeconomicsDnormative economicsEmacroeconomics4Which one of the following is an example of capital as a factor of production4Amoney held by General MotorsBa General Motors bondCan automobile factory owned by General MotorsDnatural gasEa high school teacher5An economy in which the behaviour of consumers and producers determines what how5and for whom goods and services get produced is known asAthe positive economyBthe market economyCthe centrally planned economyDthe global economyEthe new economy6During the next hour John can choose one of the following three activities playing6basketball watchingtelevision or reading a book The opportunity cost of reading a bookAis the value of playing basketballthe value of watching televisionandBdepends on how much the book cost when it was purchasedCis the value of watching television if John prefers playing basketball to watchingtelevisionDis the value of playing basketball if John prefers that to watching televisionEdepends on how much John enjoys the book27A welder makes 25 an hour and must take two hours off work without pay to go to the7dentist for a fillingThe dentist charges 100 The opportunity cost of the welders trip to thedentist isA50B75C125D100E150MULTIPLE CHOICEChoose the one alternative that best completes the statement or answers the question8The big tradeoff is between8Aequity and efficiencyBcurrent consumption and a higher future standard of livingCtaxes and transfersDoutput and inflationEguns and butter9Which of the following statements isare normative9AWarts are caused by handling toadsBAs compact disc prices fall people will buy more of themCScientists should not make normative statementsDIf income increases sales of luxury goods will fallEnone of the above10Which of the following is an example of a positive economics10AThe Central Bank of Canada ought to cut the interest rateBCanada should cut back on its use of carbonbased fuels such as coal and oilCEvery Canadian should have equal access to health careDIncreasing the minimum wage results in more unemploymentECanada should decrease the rate of unemployment11The scientific purpose of simplifying assumptions in an economic model is to11Aadd necessary hypotheses to the problemBavoid confronting difficult issuesCabstract from the complexities of the real world those issues that are not important forthe issues under examinationDeliminate the need for further testing of the implications of the modelEeliminate the possibility of personal bias in the model3
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