Filters
Question type
Study Flashcards

All of the following are part of an economic model except


A) assumptions.
B) hypotheses.
C) data.
D) opinions.

E) C) and D)
F) None of the above

Correct Answer

verifed

verified

Which of the following is a macroeconomics question?


A) What determines the inflation rate?
B) What determines the size of the film industry in Canada?
C) What factors determine the price of carrots?
D) What determines the wage of auto workers?

E) A) and B)
F) A) and D)

Correct Answer

verifed

verified

Assume an economics instructor want to promote equity in their classroom. To do this, announce that all students will receive a final grade equal to the class average. Based on the equity-efficiency tradeoff, what is a likely outcome?


A) Most students will spend their time on other courses, resulting in little learning and a low class average.
B) Freed from competition, students will fully apply themselves to an economics course causing the class average to rise.
C) Student behaviour will not change, but everyone in the class will have the same mark.
D) Students will put extra effort into this economics course solely to help other students do well.

E) B) and D)
F) A) and C)

Correct Answer

verifed

verified

Technology is defined as


A) the process of developing and revising models.
B) new innovations and creations.
C) the processes used to produce goods and services.
D) the process of recycling products.

E) B) and C)
F) A) and C)

Correct Answer

verifed

verified

Explain why economics is considered a social science.

Correct Answer

verifed

verified

Economics is a social science ...

View Answer

Figure 1.3 Figure 1.3 Alt text for Figure 1.3: In figure 1.3, a graph to calculate the area of the trapezoid X is shown. Long description for Figure 1.3: The x-axis is labelled, quantity, with 0 at the vertex and points 150 and 210 marked.The y-axis is labelled price, with points 12 and 15 marked.The points (150, 15) and (210, 12) are plotted on the graph and joined to the respective axes using dotted lines.A line labelled, Demand.slopes downward from near the top of the y-axis and passes through these plotted points, down toward the bottom right corner.The area formed by these two plotted points with the x-axis and the demand curve is in the shape of a trapezoid shaded and labelled as X. -Refer to Figure 1.3.Calculate the area of the trapezoid X. A) $270 B) $720 C) $810 D) $2,520 Alt text for Figure 1.3: In figure 1.3, a graph to calculate the area of the trapezoid X is shown. Long description for Figure 1.3: The x-axis is labelled, quantity, with 0 at the vertex and points 150 and 210 marked.The y-axis is labelled price, with points 12 and 15 marked.The points (150, 15) and (210, 12) are plotted on the graph and joined to the respective axes using dotted lines.A line labelled, Demand.slopes downward from near the top of the y-axis and passes through these plotted points, down toward the bottom right corner.The area formed by these two plotted points with the x-axis and the demand curve is in the shape of a trapezoid shaded and labelled as X. -Refer to Figure 1.3.Calculate the area of the trapezoid X.


A) $270
B) $720
C) $810
D) $2,520

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

The basic economic problem of ________ has always existed and will continue to exist.


A) scarcity
B) efficiency
C) inflation
D) recession

E) B) and C)
F) C) and D)

Correct Answer

verifed

verified

What are some of the reasons given for the the increase in coffee prices?

Correct Answer

verifed

verified

The reasons include ...

View Answer

Which of the following is a positive economic statement?


A) People should not buy SUVs.
B) The government should mandate electric automobiles.
C) Scarcity necessitates that people make trade-offs.
D) Foreign workers should not be allowed to work for lower wages than the citizens of a country.

E) B) and C)
F) A) and D)

Correct Answer

verifed

verified

DeShawn's Detailing is a service that details cars at the customers' homes or places of work.DeShawn's cost for a basic detailing package is $40, and he charges $75 for this service.For a total price of $90, DeShawn will also detail the car's engine, a service that adds an additional $20 to the total cost of the package.What is DeShawn's marginal benefit if he sells a basic detailing package?


A) $35
B) $75
C) He makes a marginal loss of $15, not a marginal benefit.
D) The marginal benefit cannot be determined.

E) A) and C)
F) A) and B)

Correct Answer

verifed

verified

Economists assume that rational behavior is useful in explaining choices people make


A) because irrational people do not make economic choices.
B) even though people may not behave rationally all the time.
C) because individuals act rationally all the time in all circumstances.
D) even though people rarely, if ever, behave in a rational manner.

E) C) and D)
F) A) and C)

Correct Answer

verifed

verified

How are the fundamental economic questions answered in a market economy?


A) The government alone decides the answers.
B) Individuals, firms, and the government interact in markets to decide the answers to these questions.
C) Households and firms interact in markets to decide the answers to these questions.
D) Large corporations alone decide the answers.

E) A) and C)
F) A) and B)

Correct Answer

verifed

verified

Economists assume that individuals


A) behave in unpredictable ways.
B) will never take actions to help others.
C) prefer to live in a society that values fairness above all else.
D) are rational and respond to incentives.

E) A) and D)
F) All of the above

Correct Answer

verifed

verified

DeShawn's Detailing is a service that details cars at the customers' homes or places of work.DeShawn's cost for a basic detailing package is $40, and he charges $75 for this service.For a total price of $90, DeShawn will also detail the car's engine, a service that adds an additional $20 to the total cost of the package.What is the marginal cost of adding the engine detailing to the basic detailing package?


A) $20
B) $30
C) $60
D) $60 plus the value of his time

E) None of the above
F) All of the above

Correct Answer

verifed

verified

One example of human capital is the amount of skills that you have.

A) True
B) False

Correct Answer

verifed

verified

Consider the following statements: a- Car owners purchase more gasoline from a gas station that sells gasoline at a lower price than other rival gas stations in the area. b- Banks do not take steps to increase security since they believe it is less costly to allow some bank robberies than to install expensive security monitoring equipment. c- Firms produce more of a particular DVD when its selling price rises. Which of the above statements demonstrates that economic agents respond to incentives?


A) A only.
B) B only.
C) C only.
D) A and b.
E) a, b, and c.

F) All of the above
G) B) and E)

Correct Answer

verifed

verified

Which of the following is a problem inherent in centrally planned economies?


A) Households and firms make poor decisions in choosing how resources are allocated.
B) There is too little production of low-cost, high-quality goods and services.
C) Production managers are more concerned with satisfying consumer wants than with satisfying government's orders.
D) Exports tend to exceed imports.

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

What is the difference between an invention and an innovation?

Correct Answer

verifed

verified

An invention is the development of a new...

View Answer

Which of the following statements is true?


A) Anytime you have to decide which action to take you are experiencing economic equity.
B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale.
C) Every individual, no matter how rich or poor, is faced with making trade-offs.
D) Economics is a social science that studies the trade-offs we are forced to make because resources are unlimited.

E) B) and C)
F) A) and D)

Correct Answer

verifed

verified

Which of the following is an example of an efficiency-equity trade-off faced by economic agents?


A) Provincial health programs are not cost effective.Instead of focusing on universal access to the health care system, money should be spent on programs that prevent disease first and treating disease second.
B) Concerned about the falling birth rate, the French government has pledged more money for families with three children, in an effort to encourage working women to have more babies.
C) Some Canadian universities are actively recruiting foreign students for their technology-based programs.
D) Municipal sports programs must charge all participants the same price, even when participants don't live in the municipality.

E) None of the above
F) B) and D)

Correct Answer

verifed

verified

Showing 21 - 40 of 148

Related Exams

Exam 2

Trade-Offs, Comparative Advantage, and the Market System

314 Questions

Exam 3

Where Prices Come From: The Interaction of Supply and Demand

314 Questions

Exam 4

GDP: Measuring Total Production and Income

277 Questions

Exam 5

Unemployment and Inflation

300 Questions

Exam 6

Economic Growth, The Financial System, and Business Cycles

262 Questions

Exam 7

Long-Run Economic Growth: Sources and Policies

280 Questions

Exam 8

Aggregate Expenditure and Output in the Short Run

315 Questions

Exam 9

Aggregate Demand and Aggregate Supply Analysis

246 Questions

Exam 10

Money, Banks, and the Bank of Canada

285 Questions

Exam 11

Monetary Policy

281 Questions

Exam 12

Fiscal Policy

303 Questions

Exam 13

Inflation, Unemployment, and Bank of Canada Policy

265 Questions

Exam 14

Macroeconomics in an Open Economy

280 Questions

Exam 15

The International Financial System

228 Questions

Show Answer