Exam 1: Introductory Concepts

A country that uses all its resources efficiently is presently producing 150 cars and 500 telephones. If it switches to producing 250 cars and 200 telephones, then the opportunity cost of the extra 100 cars produced is:

The opportunity cost associated with the money spent on a domed stadium for Toronto is:

Which of the following Canadian political parties is most closely associated with the command approach to economic decision-making?

Economics deals primarily with the problems created by:

When comparing the economic systems of Canada to those of the United States, it can be seen that:

Thomas Robert Malthus is best associated with the:

If you were unemployed and decided to return to college:

Your opportunity of taking an economics course is:

The major difference between the sciences that study human behaviour and those that study the physical relationships in the universe is:

An example of a capital resource is:

If Canada's population were to decline:

The fundamental concept in the study of economics is:

The opportunity cost of attending college:

The proportion of Canada's land mass covered in trees is approximately:

If a country is operating at a point on its production-possibilities curve, more of one good can be produced only if less of another good is produced because:

Given a production possibilities curve for consumer goods (on the x-axis) and capital goods (on the y-axis), the opportunity cost of increasing the production of consumer goods is greatest When the slope of the production possibilities curve is:

A straight-line production-possibilities curve:

The Canadian economy can be best described as:

In order to draw a production-possibilities curve, we need to assume:

A production-possibilities curve is an example of: