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Practice Exercise 1-1.docx

4 Pages
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Department
Economics
Course Code
ECON 102
Professor
Shadab Qaiser

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Description
Practice Exercise1 In a world characterized by scarcity A all goods are freeB opportunity cost is zero C we are not limited by time D individuals need not work to obtain goods E people must make choices among alternativesAnswerE2 Which of the following is the best definition of economicsA The study of how a provincial government allocates tax dollars B The study of how consumers spend their income C The study of how producers decide what inputs to hire and what outputs to produce D The study of how individuals businesses governments and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choicesE The study of how consumers and producers meet each other at the market AnswerD3 Which of the following is a microeconomic topicA the reasons why a consumer buys less honeyB the reasons why the average price level in a country fallsC the cause of increasing unemploymentD the effect of the government budget deficit on inflationE the reasons why the labour force in a country decreasesAnswerA4 The study of how wages are set for New Brunswick teachers is classified as A a macroeconomic topicB a microeconomic topicC economics of social interest D economics of private interestE normative economicsAnswerB
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