100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Macroeconomics [test bank] Economics - Canadian Edition, 16e (Ragan)| exam questions and answers fall $21.99   Add to cart

Exam (elaborations)

Macroeconomics [test bank] Economics - Canadian Edition, 16e (Ragan)| exam questions and answers fall

 0 view  0 purchase
  • Course
  • Macroeconomics 101
  • Institution
  • Macroeconomics 101

Macroeconomics [test bank] Economics - Canadian Edition, 16e (Ragan)| exam questions and answers fall Macroeconomics [test bank] Economics - Canadian Edition, 16e (Ragan)| exam questions and answers fall Chapter 1 Economic Issues and Concepts 1.1 What Is Economics? 1) Which of the following s...

[Show more]

Preview 4 out of 1729  pages

  • November 18, 2024
  • 1729
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Macroeconomics 101
  • Macroeconomics 101
avatar-seller
CleverCopies
Macroeconomics [test bank] Economics -
yt yt yt yt



Canadian Edition, 16e (Ragan)| exam questions and ans
yt yt yt yt yt yt yt yt



wers fall 2024-2024
yt yt


Chapteryt1y t EconomicytIssuesytandytConcepts

1.1 WhatytIsytEconomics?

1) Whichytofyttheytfollowingytstatementsytprovidesyttheytbestytdefinitionytofyteconomics?
A) Theytstudyytofyttheytmostytequitableytdistributionytofytscarceytresources.
B) Theytstudyytofyttheytuseytofytscarceytresourcesyttoytsatisfyytunlimitedythumanytwants.
C) Theytstudyytofyttheytproductionytofytgoodsytandytservices.
D) Theytstudyytofyttheytproductiveytcapacityytofytaytnation'sytfactorsytofytproduction.
E) Theytstudyytofytproductionytandytincreasingytitsytefficiency
.ytAnswer:y t B
Diff:yt1 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Recall

LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative

2) Society'sytresourcesytareytoftenytdividedytintoytbroadytcategories.ytTheyytare
A) goodsytandytservices.
B) factorsytofytconsumption.
C) land,ytlabour,ytandytcapital.
D) populationytandytnaturalytresources.
E) tangibleytcommoditiesytandytintangibleytcommodities.
ytAnswer:y t C

Diff:yt1 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Recall

LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative




1
Copyrightyt©yt2020ytPearsonytCanadaytIn
c.

,3) Consideryttheytfollowingytlist:ytaytworkerytwithyttrainingytinytvideoytgamingyttechnology,yt10ythectaresyt
ofytarableytlandytinytsouthernytOntario,ytaytfishingyttrawlerytinytNovaytScotia,ytanytice-
creamyttruckytatytaytparkytinytQuebec.ytEachytofyttheseytisytanytexampleytof
A) aytfactorytofytproduction.
B) aytcapitalytresource.
C) aytcommodity.
D) goodsytandytservices.
E) anyteconomicytservice.
ytAnswer:y t A

Diff:yt1 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Applied

LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative

4) WhichytofyttheytfollowingytisytNOTytconsideredytayt"factorytofytproduction"ytinyteconomics?
A) theytespressoytmachineytatytyourytlocalytcafe
B) theytbaristaytwhoytmakesyttheytcoffee
C) theytespressoytdrinkytyouytpurchase
D) theytwoodytstirytsticks
E) theytlandytonytwhichyttheytcafeytsit
sytAnswer:y t C
Diff:yt2 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Applied

LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative




2
Copyrightyt©yt2020ytPearsonytCanadaytIn
c.

,5) Consideryttheytfollowingytfactorsytofytproduction:
- aytpharmaceuticalytresearchytcentre
- aythairstylist'sytscissors
- Googleytheadquarters
- aytcloudytcomputingytsystem
- aytstaplerytatytaytcheckoutytcounter
.ytEachytofyttheseytisytanytexampleyto
f
A) land.
B) goods.
C) services.
D) capital.
E) labour.yt
Answer:y t D
Diff:yt2 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Applied

LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative

6) Inyteconomics,ytwhatytwordytisytusedyttoytdescribeyttheytactytofytusingytgoodsytorytservicesyttoytsati
sfyytwants?
A) consumption
B) production
C) purchasingytpower
D) investment
E) shopping
ytAnswer:y t

A
Diff:yt2 Type:ytMC
Topic:y t 1.1a.yteconomics/resources
ytSkill:y t Recall

LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative




3
Copyrightyt©yt2020ytPearsonytCanadaytIn
c.

, 7) Aytbasicytunderlyingytpointytinyteconomicsytisytthat
A) peopleythaveytunlimitedytwantsytinyttheytfaceytofytlimitedytresources.
B) thereytareytunlimitedytresources.
C) governmentsytshouldytsatisfyyttheytneedsytofyttheytpeople.
D) peopleythaveytlimitedytwantsytinyttheytfaceytofytlimitedytresources.
E) governmentsytshouldytneverytinterfereytinyttheytworkingsytofytaytmarketyteconom
y.ytAnswer:y t A
Diff:yt1 Type:ytMC
Topic:y t 1.1b.ytscarcityytandytchoiceyt
Skill:y t Recall
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative

8) Whichytofyttheytfollowingytbestytdescribesyttheytstudyytofyteconomics?
A) howyttoytplanytanyteconomy
B) howyttoytlimitythumanytwantsytsoytthatytscarceytresourcesytareytsufficient
C) whyytresourcesytareytscarce
D) theytallocationytofytscarceytresourcesytamongytalternativeytuses
E) howyttoytdistributeytincomeytasytequallyytasytpossibl
eytAnswer:y t D
Diff:yt1 Type:ytMC
Topic:y t 1.1b.ytscarcityytandytchoiceyt
Skill:y t Recall
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative

9) Economicsytcanytbestytbeytdescribedytas
A) theytstudyytofythowytaytsocietyytoughtyttoytallocateytitsytresources.
B) theytstudyytofyttheytuseytofytscarceytresourcesyttoytsatisfyytunlimitedythumanytwants.
C) theytapplicationytofytsophisticatedytmathematicalytmodelsyttoytaddressytsocialytproblems.
D) aytnormativeytscience.
E) theytstudyytofythowyttoytreduceytinflationytandytunemploymen
t.ytAnswer:y t B
Diff:yt1 Type:ytMC
Topic:y t 1.1b.ytscarcityytandytchoiceyt
Skill:y t Recall
LearningytObj.:y t 1-
1ytExplainyttheytimportanceytofytscarcity,ytchoice,ytandytopportunityytcost,ytandythowyteachytisytillustratedyt
byyttheytproductionytpossibilitiesytboundary.
Category:y t Qualitative




4
Copyrightyt©yt2020ytPearsonytCanadaytIn
c.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller CleverCopies. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $21.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$21.99
  • (0)
  Add to cart