Exam 1: Economic Issues and Concepts

Economics can best be described as

The table below illustrates that,in one day,Tristan can produce either 12 fishing lures or mow 3 lawns,while Thomas can produce either 6 fishing lures or mow 6 lawns. Fishing Lures Mowed Lawns Tristan 12 3 Thomas 6 6 TABLE 1- 1 -Refer to Table 1- 1.What is Thomas's opportunity cost of producing one fishing lure?

Complex economic plans for many economic sectors are most associated with a

The diagram below shows two production possibilities boundaries for Country X. FIGURE 1- 4 -In recent years,several large Canadian- owned mining and resource companies have been sold to foreign owners.The immediate effect on Canada's production possibilities boundary is

Which of the point(s)below is (are)true of money? i)Money eliminated the need for barter. Ii)Money allowed for specialization of labour and expansion of trade. Iii)Money allowed for the development of a market economy. Iv)Money allowed one to save current production for future use.

Figure 1- 2 With a budget of $500 000,a school board can choose to purchase 20 000 textbooks or 2000 laptop computers (or some intermediate combination)for use in classrooms. -If some income earned by households is not spent on output,or if some income earned by firms is not spent on factor services,the circular flow of income will

The table below illustrates that,in one day,Tristan can produce either 12 fishing lures or mow 3 lawns,while Thomas can produce either 6 fishing lures or mow 6 lawns. Fishing Lures Mowed Lakns Tristan 12 3 Thomas 6 6 TABLE 1- 1 -Refer to Table 1- 1.What is Tristan's opportunity cost of producing one mowed lawn?

Most modern economies in the world today

Figure 1- 2 With a budget of $500 000,a school board can choose to purchase 20 000 textbooks or 2000 laptop computers (or some intermediate combination)for use in classrooms. -Refer to Figure 1- 2.For the school board,what is the opportunity cost of one additional laptop computer?

The table below shows that,in one day,Claire can complete either 3 chemistry or 2 biology lab reports,while Sam can complete either 4 chemistry or 3 biology lab reports. Chemistry Lab Reports Biology Lab Rep orts Claire 3 2 Sam 4 3 TABLE 1- 2 -Suppose there are only three alternatives to attending a "free" social event: read a novel (you value this at $10),go to work (you could earn $20),or watch videos with some friends (you value this at $25).The opportunity cost of attending the social event is

The diagram below shows two production possibilities boundaries for Country X. FIGURE 1- 4 -Refer to Figure 1- 4.At point B,

The diagram below shows two production possibilities boundaries for Country X. FIGURE 1- 4 -Refer to Figure 1- 4.If Country X were producing at point C,

FIGURE 1- 5 ) -Refer to Figure 1- 5.Which production possibilities boundaries are consistent with increasing opportunity costs?

With regard to various economic systems,most economists agree that

The table below shows that,in one day,Claire can complete either 3 chemistry or 2 biology lab reports,while Sam can complete either 4 chemistry or 3 biology lab reports. Chemistry Lab Reports Biology Lab Rep orts Claire 3 2 Sam 4 3 TABLE 1- 2 -Refer to Table 1- 2.What is Sam's opportunity cost of completing 3 biology lab reports?

Figure 1- 2 With a budget of $500 000,a school board can choose to purchase 20 000 textbooks or 2000 laptop computers (or some intermediate combination)for use in classrooms. -Refer to Figure 1- 2.Which of the following combinations of textbooks and laptops is unaffordable,given the school board's budget of $500 000?

FIGURE 1- 1 With a budget of $200 million,the government can choose to purchase 4 helicopters or repair 200 km of highway. -Refer to Figure 1- 1.For the government,the opportunity cost of one kilometre of highway repair is

FIGURE 1- 1 With a budget of $200 million,the government can choose to purchase 4 helicopters or repair 200 km of highway. -The barter system of exchange is inefficient because

The diagram below shows two production possibilities boundaries for Country X. FIGURE 1- 4 -Refer to Figure 1- 4.Suppose that Country X is currently producing at point E.Country X could achieve production at point D if

The table below illustrates that,in one day,Tristan can produce either 12 fishing lures or mow 3 lawns,while Thomas can produce either 6 fishing lures or mow 6 lawns. Fishing Lures Mowed Lawns Tristan 12 3 Thomas 6 6 TABLE 1- 1 -Refer to Table 1- 1.What is Thomas's opportunity cost of producing one mowed lawn?