Question 1

Macroeconomics looks at

Accepted Answer

A)  the performance of the Canadian economy. 
B)  individual choices. 
C)  choices made by business people. 
D)  shopping. 
E)  why you might work more hours after a pay raise. 
A)  the performance of the Canadian economy. 
B)  individual choices. 
C)  choices made by business people. 
D)  shopping. 
E)  why you might work more hours after a pay raise.

Question 2

The group of macroeconomic players that makes the most choices about investment spending is

Accepted Answer

A)  businesses. 
B)  consumers. 
C)  government. 
D)  the Bank of Canada and banking system. 
E)  the rest of the world. 
A)  businesses. 
B)  consumers. 
C)  government. 
D)  the Bank of Canada and banking system. 
E)  the rest of the world.

Question 3

In the icon for "Yes - Markets Self-Adjust," the arms of government are crossed, representing the hands-off position.

Accepted Answer

A) True 
 B)False

Question 4

Which Canadian political party is most likely to support a hands-off approach by government?

Accepted Answer

A)  Conservative Party of Canada 
B)  Liberal Party of Canada 
C)  Bloc Quebecois 
D)  New Democratic Party 
E)  Green Party 
A)  Conservative Party of Canada 
B)  Liberal Party of Canada 
C)  Bloc Quebecois 
D)  New Democratic Party 
E)  Green Party

Question 5

When unemployment is high,

Accepted Answer

A)  jobs are easy to find. 
B)  employers compete against many other employers for new workers. 
C)  employers have an advantage in bargaining over wages. 
D)  workers have an advantage in bargaining over wages. 
E)  workers can choose from a large number of available jobs. 
A)  jobs are easy to find. 
B)  employers compete against many other employers for new workers. 
C)  employers have an advantage in bargaining over wages. 
D)  workers have an advantage in bargaining over wages. 
E)  workers can choose from a large number of available jobs.

Question 6

In the circular flow of economic life, which players are the main sellers in output markets?

Accepted Answer

A)  economists 
B)  households 
C)  governments 
D)  banks 
E)  businesses 
A)  economists 
B)  households 
C)  governments 
D)  banks 
E)  businesses

Question 7

During the Global Financial Crisis, all of the following measures fell except

Accepted Answer

A)  housing prices. 
B)  stock prices. 
C)  unemployment. 
D)  economic growth. 
E)  asset prices. 
A)  housing prices. 
B)  stock prices. 
C)  unemployment. 
D)  economic growth. 
E)  asset prices.

Question 8

Macroeconomists agree that there is some role for government, but differ on how big a role.

Accepted Answer

A) True 
 B)False

Question 9

The economist most associated with the view that markets are quick to adjust is J.B. Say.

Accepted Answer

A) True 
 B)False

Question 10

Macroeconomists agree that prices and markets adjust, but differ on how long the adjustments take.

Accepted Answer

A) True 
 B)False

Question 11

The group of macroeconomic players that chooses fiscal policy is

Accepted Answer

A)  businesses. 
B)  the Bank of Canada and banking system. 
C)  government. 
D)  consumers. 
E)  the rest of the world. 
A)  businesses. 
B)  the Bank of Canada and banking system. 
C)  government. 
D)  consumers. 
E)  the rest of the world.

Question 12

There is market failure when market outcomes are

Accepted Answer

A)  inefficient. 
B)  inequitable. 
C)  fail to serve the public interest. 
D)  all of the above. 
E)  none of the above. 
A)  inefficient. 
B)  inequitable. 
C)  fail to serve the public interest. 
D)  all of the above. 
E)  none of the above.

Question 13

The paradox of thrift happens when many people save more and spend less, so employment and savings actually decrease.

Accepted Answer

A) True 
 B)False

Question 14

When unemployment is low,

Accepted Answer

A)  jobs are hard to find. 
B)  workers compete against many other unemployed workers. 
C)  employers have an advantage in bargaining over wages. 
D)  workers have an advantage in bargaining over wages. 
E)  employers can choose from a large number of applicants for a job. 
A)  jobs are hard to find. 
B)  workers compete against many other unemployed workers. 
C)  employers have an advantage in bargaining over wages. 
D)  workers have an advantage in bargaining over wages. 
E)  employers can choose from a large number of applicants for a job.

Question 15

Macroeconomics focuses on the individual smart choices of consumers and businesses.

Accepted Answer

A) True 
 B)False

Question 16

The hands-on camp generally believes that business cycles are caused by

Accepted Answer

A)  government policy. 
B)  government failure. 
C)  Say's Law. 
D)  external events 
E)  connection failures between input and output markets. 
A)  government policy. 
B)  government failure. 
C)  Say's Law. 
D)  external events 
E)  connection failures between input and output markets.

Question 17

The economist most associated with the "Yes - Markets Self-Adjust" view is

Accepted Answer

A)  J.B. Say. 
B)  J.K. Rowling. 
C)  J.M. Keynes. 
D)  G.B. Shaw. 
E)  A.C. Pigou. 
A)  J.B. Say. 
B)  J.K. Rowling. 
C)  J.M. Keynes. 
D)  G.B. Shaw. 
E)  A.C. Pigou.

Question 18

When everyone expects housing prices to rise, then housing prices will rise.

Accepted Answer

A) True 
 B)False

Question 19

The hands-off camp believes that markets do not quickly self-adjust.

Accepted Answer

A) True 
 B)False

Question 20

Businesses are buyers in input markets.

Accepted Answer

A) True 
 B)False

Macroeconomics looks at

The group of macroeconomic players that makes the most choices about investment spending is

In the icon for "Yes - Markets Self-Adjust," the arms of government are crossed, representing the hands-off position.

Which Canadian political party is most likely to support a hands-off approach by government?

When unemployment is high,

In the circular flow of economic life, which players are the main sellers in output markets?

During the Global Financial Crisis, all of the following measures fell except

Macroeconomists agree that there is some role for government, but differ on how big a role.

The economist most associated with the view that markets are quick to adjust is J.B. Say.

Macroeconomists agree that prices and markets adjust, but differ on how long the adjustments take.

The group of macroeconomic players that chooses fiscal policy is

There is market failure when market outcomes are

The paradox of thrift happens when many people save more and spend less, so employment and savings actually decrease.

When unemployment is low,

Macroeconomics focuses on the individual smart choices of consumers and businesses.

The hands-on camp generally believes that business cycles are caused by

The economist most associated with the "Yes - Markets Self-Adjust" view is

When everyone expects housing prices to rise, then housing prices will rise.

The hands-off camp believes that markets do not quickly self-adjust.

Businesses are buyers in input markets.

Whats in Economics for You Scarcity, Opportunity Cost, Trade, and Models

Making Smart Choices: the Law of Demand

Show Me the Money: the Law of Supply

Coordinating Smart Choices: Demand and Supply

Up Around the Circular Flow: Gdp, Economic Growth, and Business Cycles

Costs of Not Working and Living: Unemployment and Inflation

Skating to Where the Puck Is Going: Aggregate Supply and Aggregate Demand

Money Is for Lunatics: Demanders and Suppliers of Money

Trading Dollars for Dollars Exchange Rates and Payments With the Rest of the World

Steering Blindly Monetary Policy and the Bank of Canada

Spending Others Money: Fiscal Policy, Deficits, and National Debt

Are Sweatshops All Bad Globalization and Trade Policy

Filters

Exam 5: Are Your Smart Choices Smart for All Macroeconomics and Microeconomics

Macroeconomics looks at

The group of macroeconomic players that makes the most choices about investment spending is

In the icon for "Yes - Markets Self-Adjust," the arms of government are crossed, representing the hands-off position.

Which Canadian political party is most likely to support a hands-off approach by government?

When unemployment is high,

In the circular flow of economic life, which players are the main sellers in output markets?

During the Global Financial Crisis, all of the following measures fell except

Macroeconomists agree that there is some role for government, but differ on how big a role.

The economist most associated with the view that markets are quick to adjust is J.B. Say.

Macroeconomists agree that prices and markets adjust, but differ on how long the adjustments take.

The group of macroeconomic players that chooses fiscal policy is

There is market failure when market outcomes are

The paradox of thrift happens when many people save more and spend less, so employment and savings actually decrease.

When unemployment is low,

Macroeconomics focuses on the individual smart choices of consumers and businesses.

The hands-on camp generally believes that business cycles are caused by

The economist most associated with the "Yes - Markets Self-Adjust" view is

When everyone expects housing prices to rise, then housing prices will rise.

The hands-off camp believes that markets do not quickly self-adjust.

Businesses are buyers in input markets.

Whats in Economics for You Scarcity, Opportunity Cost, Trade, and Models

Making Smart Choices: the Law of Demand

Show Me the Money: the Law of Supply

Coordinating Smart Choices: Demand and Supply

Up Around the Circular Flow: Gdp, Economic Growth, and Business Cycles

Costs of Not Working and Living: Unemployment and Inflation

Skating to Where the Puck Is Going: Aggregate Supply and Aggregate Demand

Money Is for Lunatics: Demanders and Suppliers of Money

Trading Dollars for Dollars Exchange Rates and Payments With the Rest of the World

Steering Blindly Monetary Policy and the Bank of Canada

Spending Others Money: Fiscal Policy, Deficits, and National Debt

Are Sweatshops All Bad Globalization and Trade Policy

Filters