Economics For Life: Smart Choices For You, 1st Edition Test Bank

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ExamName___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.1)Mutually beneficial trade can only occur if1)A)both persons increase production of the good in which they have a higher opportunity cost.B)both persons increase consumption of the good in which they have a higher opportunity cost.C)both persons increase production of the good in which they have an absolute advantage.D)both persons decrease production of the good in which they have a lower opportunity cost.E)both persons increase production of the good in which they have a comparative advantage.Answer:EExplanation:A)B)C)D)E)2)In a zero-sum game2)A)both players can lose.B)the number of players is zero.C)both players get zero gains.D)both players can win.E)one player can gain only when another player loses.Answer:EExplanation:A)B)C)D)E)3)Which of the following a microeconomic decision?3)A)A decision by the Bank of Canada to allow the Canadian dollar to depreciate in response toworld trade patterns.B)A 10% tariff on imported wines to protect the Canadian wine-making industry.C)A reduction in the G.S.T. intended to stimulate consumer spending.D)A decision by the Conservative Party to reduce government intervention in the economy.E)The Government of Canada lends Peru 7 billion dollars.Answer:BExplanation:A)B)C)D)E)1

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Economics For Life: Smart Choices For You, 1st Edition Test Bank

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