Exam 1: understanding Evolving Economic Systems and Competition

How is the national debt described?

Logan Martin works at a bookstore.Each year the prices of necessities such as groceries and transportation continue to rise,but Martin's salary stays the same.Martin's ____________________ is being eroded by her stagnant salary and increasing prices.

For most agricultural products,farmers produce homogeneous products,sell them to a common market,and generally cannot affect prices greatly.This is an example of which kind of market structure?

Which is an example of factors of production?

The Bank of Canada increases the growth of the money supply when it implements which of the following?

If the GDP of a country in 2010 was $48 billion,what does this $48 billion represent?

As soon as Kazakhstan,a former member of the Soviet Union,had experienced two consecutive quarterly declines in its gross national product,Kazakhstan was in which economic situation?

____________________ is the study of the economy as a whole,looking at data for large groups of persons,companies,or products.

Which of the following terms refers to the quantity of a product or service that businesses will make available at various prices?

In which type of market structure can few sellers exert substantial control over prices?

The agricultural sector in Guatemala accounts for about one-quarter of the nation's GDP,two-thirds of its exports,and half of its labour force.This type of information would be revealed through which perspective?

If you were told the output of goods and services produced in Luxembourg had increased by 6 percent in 2010,you would correctly refer to this increase as which type of growth?

There are more firms in a monopolistic competition than in an oligopoly.

When Parliament passes a law to raise individual tax rates,it is creating fiscal policy.

On PEI,jobs are plentiful during the summer months,but difficult to find in September once the tourists leave and many restaurants and inns close.People who work in the island's restaurants annually become unemployed in which way?

It is difficult to enter a monopolistic competition market structure.

In a ____________________ market structure,many firms are in the market,the firms in the market sell similar but not identical products,and the market is relatively easy to enter.

What are patterns of expansion and contraction in aggregate economic activity,as measured by GDP?

An individual who is thinking of buying a Wendy's franchise in London,Ontario,and is examining the employment statistics,area income levels,and local competition would be interested in which of the following fields?

Which of the following refers to the Bank of Canada's programs for controlling the amount of money in circulation?