TEST BANK
Microeconomics: Canada in the Global
ST
Environment
Michael Parkin, Robin Bade
UV
────────────────────────────────────────────────────
12th Edition
IA
?_
AP
PR
TEST BANK
OV
ED
??
, Test Bank
Microeconomics: Canada in the Global Environment
Michael Parkin · Robin Bade
12TH EDITION
ST
TABLE OF CONTENTS
UV
PART ONE — FOUNDATIONS OF ECONOMICS
Chapter 01 What Is Economics?
Chapter 02 The Economic Problem
Chapter 03 Demand and Supply
IA
Chapter 04 Elasticity
Chapter 05 Efficiency and Equity
?_
PART TWO — MARKETS AND GOVERNMENT
Chapter 06 Government Actions in Markets
Chapter 07 Global Markets in Action
AP
PART THREE — HOUSEHOLDS AND FIRMS
Chapter 08 Utility and Demand
Chapter 09 Possibilities, Preferences, and Choices
PR
Chapter 10 Output and Costs
PART FOUR — MARKET STRUCTURES
Chapter 11 Perfect Competition
OV
Chapter 12 Monopoly
Chapter 13 Monopolistic Competition
Chapter 14 Oligopoly
ED
PART FIVE — MARKET FAILURES AND FACTOR MARKETS
Chapter 15 Externalities
Chapter 16 Public Goods and Common Resources
Chapter 17 Markets for Factors of Production
??
Chapter 18 Economic Inequality
, Microeconomics: Canada in the Global Environment, 12e (Parkin)
Chapter 1 What Is Economics?
ST
1.1 Definition of Economics
1) What is the fundamental fact that dominates our lives?
A) We have unlimited wants and limited resources.
B) We have unlimited resources and don't know how to allocate them.
UV
C) Our resources can't be allocated without government intervention.
D) Resources cost too much.
E) We have limited wants and limited resources.
Answer: A
Diff: 1 Type: MC
Topic: Definition of Economics
IA
2) Who does scarcity confront?
Scarcity confronts
A) countries but not individuals.
?_
B) low-income families but not high-income families.
C) the private sector but not the government.
D) all living things.
E) individuals but not countries.
AP
Answer: D
Diff: 1 Type: MC
Topic: Definition of Economics
3) Which of the following sentences is consistent with scarcity?
PR
A) We have enough time, but we want more money.
B) If you are content owning few possessions, you'll never face scarcity.
C) We can't afford everything we want, so we must make choices among alternatives.
D) Billionaires can afford anything they want, so they don't face scarcity.
E) If you can afford housing and food, you don't face scarcity.
OV
Answer: C
Diff: 2 Type: MC
Topic: Definition of Economics
ED
??
, 4) In the following situations, who faces scarcity?
Latesha chooses to study Engineering at Western instead of studying Math at Waterloo.
Roz decides to go to Western, but all her friends from high school are going to Waterloo.
ST
Courtney decides that Western's campus is more attractive than the campus at Waterloo.
A) Only Latesha faces scarcity.
B) Only Roz faces scarcity.
C) Only Latesha and Roz face scarcity.
D) Only Courtney faces scarcity.
UV
E) Latesha, Roz, and Courtney face scarcity.
Answer: C
Diff: 2 Type: MC
Topic: Definition of Economics
5) You want to buy a new pair of jeans. What limits what you can afford to buy?
IA
What you can afford to buy is limited by
A) what you want.
B) the styles available.
C) the brand of jeans that your friends are wearing.
?_
D) how many pairs of jeans you own.
E) your income and the price you must pay.
Answer: E
Diff: 1 Type: MC
AP
Topic: Definition of Economics
6) Do you face scarcity when you are on vacation?
A) No because you have no deadlines to meet when you are on vacation.
B) Yes because even vacation days have only 24 hours.
PR
C) No because you can do what you want when you are on vacation.
D) Yes because it's difficult to know if you made the right choice of destination.
E) No because your choice of vacation activities is almost infinite.
Answer: B
Diff: 2 Type: MC
OV
Topic: Definition of Economics
7) What is something you want that only the government can provide?
A) clean air
B) affordable food prices
C) education
ED
D) art galleries and museums
E) housing
Answer: A
Diff: 1 Type: MC
Topic: Definition of Economics
??
Microeconomics: Canada in the Global
ST
Environment
Michael Parkin, Robin Bade
UV
────────────────────────────────────────────────────
12th Edition
IA
?_
AP
PR
TEST BANK
OV
ED
??
, Test Bank
Microeconomics: Canada in the Global Environment
Michael Parkin · Robin Bade
12TH EDITION
ST
TABLE OF CONTENTS
UV
PART ONE — FOUNDATIONS OF ECONOMICS
Chapter 01 What Is Economics?
Chapter 02 The Economic Problem
Chapter 03 Demand and Supply
IA
Chapter 04 Elasticity
Chapter 05 Efficiency and Equity
?_
PART TWO — MARKETS AND GOVERNMENT
Chapter 06 Government Actions in Markets
Chapter 07 Global Markets in Action
AP
PART THREE — HOUSEHOLDS AND FIRMS
Chapter 08 Utility and Demand
Chapter 09 Possibilities, Preferences, and Choices
PR
Chapter 10 Output and Costs
PART FOUR — MARKET STRUCTURES
Chapter 11 Perfect Competition
OV
Chapter 12 Monopoly
Chapter 13 Monopolistic Competition
Chapter 14 Oligopoly
ED
PART FIVE — MARKET FAILURES AND FACTOR MARKETS
Chapter 15 Externalities
Chapter 16 Public Goods and Common Resources
Chapter 17 Markets for Factors of Production
??
Chapter 18 Economic Inequality
, Microeconomics: Canada in the Global Environment, 12e (Parkin)
Chapter 1 What Is Economics?
ST
1.1 Definition of Economics
1) What is the fundamental fact that dominates our lives?
A) We have unlimited wants and limited resources.
B) We have unlimited resources and don't know how to allocate them.
UV
C) Our resources can't be allocated without government intervention.
D) Resources cost too much.
E) We have limited wants and limited resources.
Answer: A
Diff: 1 Type: MC
Topic: Definition of Economics
IA
2) Who does scarcity confront?
Scarcity confronts
A) countries but not individuals.
?_
B) low-income families but not high-income families.
C) the private sector but not the government.
D) all living things.
E) individuals but not countries.
AP
Answer: D
Diff: 1 Type: MC
Topic: Definition of Economics
3) Which of the following sentences is consistent with scarcity?
PR
A) We have enough time, but we want more money.
B) If you are content owning few possessions, you'll never face scarcity.
C) We can't afford everything we want, so we must make choices among alternatives.
D) Billionaires can afford anything they want, so they don't face scarcity.
E) If you can afford housing and food, you don't face scarcity.
OV
Answer: C
Diff: 2 Type: MC
Topic: Definition of Economics
ED
??
, 4) In the following situations, who faces scarcity?
Latesha chooses to study Engineering at Western instead of studying Math at Waterloo.
Roz decides to go to Western, but all her friends from high school are going to Waterloo.
ST
Courtney decides that Western's campus is more attractive than the campus at Waterloo.
A) Only Latesha faces scarcity.
B) Only Roz faces scarcity.
C) Only Latesha and Roz face scarcity.
D) Only Courtney faces scarcity.
UV
E) Latesha, Roz, and Courtney face scarcity.
Answer: C
Diff: 2 Type: MC
Topic: Definition of Economics
5) You want to buy a new pair of jeans. What limits what you can afford to buy?
IA
What you can afford to buy is limited by
A) what you want.
B) the styles available.
C) the brand of jeans that your friends are wearing.
?_
D) how many pairs of jeans you own.
E) your income and the price you must pay.
Answer: E
Diff: 1 Type: MC
AP
Topic: Definition of Economics
6) Do you face scarcity when you are on vacation?
A) No because you have no deadlines to meet when you are on vacation.
B) Yes because even vacation days have only 24 hours.
PR
C) No because you can do what you want when you are on vacation.
D) Yes because it's difficult to know if you made the right choice of destination.
E) No because your choice of vacation activities is almost infinite.
Answer: B
Diff: 2 Type: MC
OV
Topic: Definition of Economics
7) What is something you want that only the government can provide?
A) clean air
B) affordable food prices
C) education
ED
D) art galleries and museums
E) housing
Answer: A
Diff: 1 Type: MC
Topic: Definition of Economics
??
