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Final

Chapter 3 (No Answers)Exam


Department
Economics
Course Code
ECON 1021A/B
Study Guide
Final

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Parkin/Bade, Economics: Canada in the Global Environment, 8e
Copyright © 2013 Pearson Canada Inc. 124
Chapter 3 Demand and Supply
3.1 Markets and Prices
1) The relative price of a good is all of the following except
A) the ratio of one price to another.
B) an opportunity cost.
C) the money price of the good divided by a price index.
D) the same as the money price of a good.
E) determined in a market.
Diff: 2 Type: MC
Topic: Markets and Prices
2) How many sides does a market have?
A) one side - buyers
B) one side - sellers
C) two sides - buyers and sellers
D) three sides - buyers, sellers, and the government
E) two sides - domestic and foreign
Diff: 1 Type: MC
Topic: Markets and Prices
3) Which market is an example of a market for goods?
A) labour market
B) haircut market
C) manufactured input market
D) apple market
E) energy market
Diff: 1 Type: MC
Topic: Markets and Prices
4) Which market is an example of a market for services?
A) orange market
B) tennis lessons market
C) manufactured input market
D) energy market
E) labour market
Diff: 1 Type: MC
Topic: Markets and Prices

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Parkin/Bade, Economics: Canada in the Global Environment, 8e
Copyright © 2013 Pearson Canada Inc. 125
5) Which market is an example of a resource market?
A) furniture market
B) apple market
C) automobile market
D) haircut market
E) labour market
Diff: 1 Type: MC
Topic: Markets and Prices
6) The demand and supply model determines
A) relative prices.
B) money prices.
C) supply prices.
D) demand prices.
E) absolute prices.
Diff: 1 Type: MC
Topic: Markets and Prices
Use the table below to answer the following questions.
Table 3.1.1
7) Refer to Table 3.1.1. In 2010, the relative price of coffee in terms of tea is
A) 1.25.
B) 1.10.
C) 1.00.
D) 0.88.
E) 1.14.
Diff: 2 Type: MC
Topic: Markets and Prices

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Parkin/Bade, Economics: Canada in the Global Environment, 8e
Copyright © 2013 Pearson Canada Inc. 126
8) Refer to Table 3.1.1. In 2012, the relative price of coffee in terms of cola is
A) 1.25.
B) 1.00.
C) 0.67.
D) 1.56.
E) unknown without more information.
Diff: 2 Type: MC
Topic: Markets and Prices
9) Refer to Table 3.1.1. In 2012, the relative price of cola in terms of tea is
A) 1.00.
B) 1.20.
C) 0.83.
D) 1.25.
E) unknown without more information.
Diff: 2 Type: MC
Topic: Markets and Prices
10) Refer to Table 3.1.1. Between 2010 and 2011, the price of coffee relative to the price of tea
________ while the price of coffee relative to the price of cola ________.
A) rose; rose
B) rose; fell
C) fell; rose
D) fell; fell
E) fell; stayed constant
Diff: 2 Type: MC
Topic: Markets and Prices
11) Refer to Table 3.1.1. Between 2011 and 2012, the price of coffee relative to the price of tea
________ while the price of coffee relative to the price of cola ________.
A) rose; rose
B) rose; fell
C) fell; rose
D) fell; fell
E) fell; stayed constant
Diff: 2 Type: MC
Topic: Markets and Prices
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