Test Bank for Macroeconomics: Canada in the Global Environment, 10th Edition

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ExamName___________________________________MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.1)In a world characterized by scarcityA)individuals need not work to obtain goods.B)all goods are free.C)we are not limited by time.D)opportunity cost is zero.E)people must make choices among alternatives.Answer:E2)Which of the following is the best definition of economics?A)the study of how consumers spend their incomeB)the study of how individuals, businesses, governments, and entire societies make choices as they copewith scarcity and the incentives that influence and reconcile those choicesC)the study of how a provincial government allocates tax dollarsD)the study of how producers decide what inputs to hire and what outputs to produceE)the study of how consumers and producers meet each other in the marketAnswer:B3)Which of the following is a microeconomic topic?A)the effect of the government budget deficit on inflationB)the reasons why the labour force in a country decreasesC)the cause of increasing unemploymentD)the reasons why the average price level in a country fallsE)the reasons why a consumer buys less honeyAnswer:E4)The study of how wages are set for New Brunswick teachers is classified asA)a macroeconomic topic.B)a microeconomic topic.C)normative economics.D)economics of social interest.E)economics of private interest.Answer:B5)Which of the following newspaper headlines concerns a macroeconomic issue?A)How would a tax on e-commerce affect chapters.indigo.ca?B)Why do grain producers purchase less pesticides?C)Why are people buying more SUVs and fewer minivans?D)Why is Japan's economy stagnant?E)How would an unexpected freeze in Oxford, Nova Scotia change the price of blueberries in theMaritimes?Answer:D1

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Macroeconomics: Canada In The Globa...

Test Bank for Macroeconomics: Canada in the Global Environment, 10th Edition

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