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chapter 01.doc

81 Pages

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ECON 1010
Edward Haltrecht

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Economics Canada in the Global Environment 7e ParkinChapter 1 What Is Economics11 Definition of Economics1 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 alternativesAnswerEDiff 1TopicDefinition of Economics2 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 AnswerDDiff 1TopicDefinition of Economics3 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 decreasesAnswerADiff 1TopicDefinition of Economics4 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 economicsAnswerBDiff 1TopicDefinition of Economics1 2010 Pearson Education Canada5 Which of the following newspaper headlines concerns a macroeconomic issueA Why are people buying more SUVs and fewer minivansB How would a tax on ecommerce affect chaptersindigocaC How would an unexpected freeze in Oxford Nova Scotia change the price of blueberries in the MaritimesD Why is Japans economy stagnantE Why do grain producers purchase less pesticidesAnswerDDiff 1TopicDefinition of Economics6 The branch of economics that studies the choices of individuals and businesses is A macroeconomics B microeconomics C positive economics D normative economics E social economics AnswerBDiff 1TopicDefinition of EconomicsSourceStudy Guide7 Each of the following would be considered a macroeconomic topic exceptA the reasons for a decrease in the unemployment rate B the cause of recessions C the effect of the government budget deficit on inflation D the determination of aggregate income E the selection of production techniquesAnswerEDiff 2TopicDefinition of Economics8 Complete the following sentence Macroeconomics A is primarily concerned with the operation of individual markets in the economy B deals mainly with the economic behaviour of households C is the only part of economics to deal with government decisions D is primarily concerned with the behaviour of the stock market E is the study of the national economy and the global economy AnswerEDiff 2TopicDefinition of Economics2 2010 Pearson Education Canada9 The determination of prices in individual markets is primarily a concern of A positive economics B negative economics C macroeconomics D microeconomics E descriptive economicsAnswerDDiff 2TopicDefinition of Economics10 Which one of the following topics does macroeconomics studyA decisions of individual firmsB effects of government safety regulations on the price of carsC the performance of the global economyD prices of individual goods and servicesE effects of taxes on the price of gasolineAnswerCDiff 2TopicDefinition of Economics11 Which one of the following topics does microeconomics studyA reasons for a fall in the price of orange juiceB the effect of a rise in the Canadian dollar on Canadas exportsC effect of interest rates on national economic growthD effect of the government budget deficit on employmentE determination of total production in a countryAnswerADiff 2TopicDefinition of Economics12 Complete the following sentence Microeconomics is A not concerned with factors of production B concerned with normative issues only C concerned with the size of the total amount of income earned by all households in an economy D the branch of economics that studies the choices of individuals and businessesE concerned exclusively with the role of the government in the economy AnswerDDiff 2TopicDefinition of Economics3 2010 Pearson Education Canada
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