Question 1

On a two-dimensional graph, ________ allows for the effects of additional variables.

Accepted Answer

A) moving along a curve 
B) shifting curves 
C) eliminating a curve 
D) adding an additional curve 
A) moving along a curve 
B) shifting curves 
C) eliminating a curve 
D) adding an additional curve

Question 2

The three fundamental questions that any economy must address are

Accepted Answer

A) What will be the prices of goods and services; how will these goods and services be produced; and who will receive them? 
B) What goods and services to produce; how will these goods and services be produced; and who receives them? 
C) Who gets jobs; what wages do workers earn; and who owns what property? 
D) How much will be saved; what will be produced; and how can these goods and services be fairly distributed? 
A) What will be the prices of goods and services; how will these goods and services be produced; and who will receive them? 
B) What goods and services to produce; how will these goods and services be produced; and who receives them? 
C) Who gets jobs; what wages do workers earn; and who owns what property? 
D) How much will be saved; what will be produced; and how can these goods and services be fairly distributed?

Question 3

The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of

Accepted Answer

A) optimization. 
B) efficiency. 
C) trade-off. 
D) equity. 
A) optimization. 
B) efficiency. 
C) trade-off. 
D) equity.

Question 4

All of the following contributed to the downfall of the Soviet Union in 1991 except

Accepted Answer

A) public dissatisfaction with low living standards and political repression. 
B) an inability to produce low-cost consumer goods that households wanted. 
C) lack of high-quality goods and services. 
D) lack of a strong dictator who can coordinate economic activities. 
A) public dissatisfaction with low living standards and political repression. 
B) an inability to produce low-cost consumer goods that households wanted. 
C) lack of high-quality goods and services. 
D) lack of a strong dictator who can coordinate economic activities.

Question 5

Scarcity is a problem that will eventually disappear as technology advances.

Accepted Answer

A) True 
 B)False

Question 6

The decisions Apple makes in determining production levels for its iPhone is an example of a microeconomics topic.

Accepted Answer

A) True 
 B)False

Question 7

Table 1.1   Lydia runs a small nail salon in the town of New Hope.She is debating whether she should extend her hours of operation.Lydia figures that her sales revenue will depend on the number of hours the nail salon is open as shown in the table above.She would have to hire a worker for those hours at a wage rate of $10 per hour.
-Refer to Table 1.1.What is Lydia's marginal cost if she decides to stay open for two hours instead of one hour?

Accepted Answer

A) $10 
B) $20 
C) $25 
D) $40 
A) $10 
B) $20 
C) $25 
D) $40

Question 8

Explain the difference between a firm's revenue and its profit.

Accepted Answer

A firm's revenue is the total amount rec

On a two-dimensional graph, ________ allows for the effects of additional variables.

The three fundamental questions that any economy must address are

The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of

All of the following contributed to the downfall of the Soviet Union in 1991 except

Scarcity is a problem that will eventually disappear as technology advances.

The decisions Apple makes in determining production levels for its iPhone is an example of a microeconomics topic.

Explain the difference between a firm's revenue and its profit.

Trade-Offs, Comparative Advantage, and the Market System

Where Prices Come From: The Interaction of Supply and Demand

GDP: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, The Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, Banks, and the Bank of Canada

Monetary Policy

Fiscal Policy

Inflation, Unemployment, and Bank of Canada Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

Exam 1: Economics: Foundations and Models

On a two-dimensional graph, ________ allows for the effects of additional variables.

The three fundamental questions that any economy must address are

The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of

All of the following contributed to the downfall of the Soviet Union in 1991 except

Scarcity is a problem that will eventually disappear as technology advances.

The decisions Apple makes in determining production levels for its iPhone is an example of a microeconomics topic.

Explain the difference between a firm's revenue and its profit.

Trade-Offs, Comparative Advantage, and the Market System

Where Prices Come From: The Interaction of Supply and Demand

GDP: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, The Financial System, and Business Cycles

Long-Run Economic Growth: Sources and Policies

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, Banks, and the Bank of Canada

Monetary Policy

Fiscal Policy

Inflation, Unemployment, and Bank of Canada Policy

Macroeconomics in an Open Economy

The International Financial System

Filters