Retailing Management 7th Canadian Edition By Michael Levy, Barton Weitz, Dhruv Grewal, Michael Madore (Test Bank)

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Microeconomics:bCanadabinbGlobalbEnvironment,b11eb(Parkin/Bade)b
Chapterb1b WhatbIsbEconomics?

1.1 DefinitionbofbEconomics

1) Inbabworldbcharacterizedbbybscarcity
A) allbgoodsbarebfree.
B) opportunitybcostbisbzero.
C) webarebnotblimitedbbybtime.
D) individualsbneedbnotbworkbtobobtainbgoods.
E) peoplebmustbmakebchoicesbamongbalternatives.b
Answer:b E
Diff:b1 Type:bMC
Topic:b DefinitionbofbEconomics

2) Whichbofbthebfollowingbisbthebbestbdefinitionbofbeconomics?
A) thebstudybofbhowbabprovincialbgovernmentballocatesbtaxbdollars
B) thebstudybofbhowbconsumersbspendbtheirbincome
C) thebstudybofbhowbproducersbdecidebwhatbinputsbtobhirebandbwhatboutputsbtobproduce
D) thebstudybofbhowbindividuals,bbusinesses,bgovernments,bandbentirebsocietiesbmakebchoicesbasbt
heybcopebwithbscarcitybandbthebincentivesbthatbinfluencebandbreconcilebthosebchoices
E) thebstudybofbhowbconsumersbandbproducersbmeetbeachbotherbinbthebmarketb
Answer:b D
Diff:b1 Type:bMC
Topic:b DefinitionbofbEconomics

3) Whichbofbthebfollowingbisbabmicroeconomicbtopic?
A) thebreasonsbwhybabconsumerbbuysblessbhoney
B) thebreasonsbwhybthebaveragebpriceblevelbinbabcountrybfalls
C) thebcausebofbincreasingbunemployment
D) thebeffectbofbthebgovernmentbbudgetbdeficitbonbinflation
E) thebreasonsbwhybtheblabourbforcebinbabcountrybdecreasesb
Answer:b A
Diff:b1 Type:bMC
Topic:b DefinitionbofbEconomics

4) ThebstudybofbhowbwagesbarebsetbforbNewbBrunswickbteachersbisbclassifiedbas
A) abmacroeconomicbtopic.
B) abmicroeconomicbtopic.
C) economicsbofbsocialbinterest.
D) economicsbofbprivatebinterest.
E) normativebeconomics.b
Answer:b B
Diff:b1 Type:bMC
Topic:b DefinitionbofbEconomics



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5) Whichbofbthebfollowingbnewspaperbheadlinesbconcernsbabmacroeconomicbissue?
A) WhybarebpeoplebbuyingbmorebSUVsbandbfewerbminivans?
B) Howbwouldbabtaxbonbe-commercebaffectbchapters.indigo.ca?
C) HowbwouldbanbunexpectedbfreezebinbOxford,bNovabScotiabchangebthebpricebofbblueberriesbinbt
hebMaritimes?
D) WhybisbthebU.S.beconomybexperiencingbslowbgrowth?
E) Whybdobgrainbproducersbpurchaseblessbpesticides?b
Answer:b D
Diff:b1 Type:bMC
Topic:b DefinitionbofbEconomics

6) Thebbranchbofbeconomicsbthatbstudiesbthebchoicesbofbindividualsbandbbusinessesbis
A) macroeconomics.
B) microeconomics.
C) positivebeconomics.
D) normativebeconomics.
E) socialbeconomics.
Answer:b B
Diff:b1 Type:bMC
Topic:b DefinitionbofbEconomics

7) Eachbofbthebfollowingbwouldbbebconsideredbabmacroeconomicbtopicbexcept
A) thebreasonsbforbabdecreasebinbthebunemploymentbrate.
B) thebcausebofbrecessions.
C) thebeffectbofbthebgovernmentbbudgetbdeficitbonbinflation.
D) thebdeterminationbofbaggregatebincome.
E) thebselectionbofbproductionbtechniques.b
Answer:b E
Diff:b2 Type:bMC
Topic:b DefinitionbofbEconomics

8) Completebthebfollowingbsentence.bMacroeconomics
A) isbprimarilybconcernedbwithbtheboperationbofbindividualbmarketsbinbthebeconomy.
B) dealsbmainlybwithbthebeconomicbbehaviourbofbhouseholds.
C) isbthebonlybpartbofbeconomicsbtobdealbwithbgovernmentbdecisions.
D) isbprimarilybconcernedbwithbthebbehaviourbofbthebstockbmarket.
E) isbthebstudybofbthebperformancebofbthebnationalbeconomybandbthebglobalbeconomy.b
Answer:b E
Diff:b2 Type:bMC
Topic:b DefinitionbofbEconomics




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9) Thebdeterminationbofbpricesbinbindividualbmarketsbisbprimarilybabconcernbof
A) positivebeconomics.
B) negativebeconomics.
C) macroeconomics.
D) microeconomics.
E) descriptivebeconomics.b
Answer:b D
Diff:b2 Type:bMC
Topic:b DefinitionbofbEconomics

10) Whichbonebofbthebfollowingbtopicsbdoesbmacroeconomicsbstudy?
A) decisionsbofbindividualbfirms
B) effectsbofbgovernmentbsafetybregulationsbonbthebpricebofbcars
C) thebperformancebofbthebglobalbeconomy
D) pricesbofbindividualbgoodsbandbservices
E) effectsbofbtaxesbonbthebpricebofbgasolineb
Answer:b C
Diff:b2 Type:bMC
Topic:b DefinitionbofbEconomics

11) Whichbonebofbthebfollowingbtopicsbdoesbmicroeconomicsbstudy?
A) reasonsbforbabfallbinbthebpricebofborangebjuice
B) thebeffectbofbabrisebinbthebCanadianbdollarbonbCanada'sbexports
C) effectbofbinterestbratesbonbnationalbeconomicbgrowth
D) effectbofbthebgovernmentbbudgetbdeficitbonbemployment
E) determinationbofbtotalbproductionbinbabcountryb
Answer:b A
Diff:b2 Type:bMC
Topic:b DefinitionbofbEconomics

12) Completebthebfollowingbsentence.bMicroeconomicsbis
A) notbconcernedbwithbfactorsbofbproduction.
B) concernedbwithbnormativebissuesbonly.
C) concernedbwithbthebsizebofbthebtotalbamountbofbincomebearnedbbyballbhouseholdsbinbanbe
conomy.
D) thebbranchbofbeconomicsbthatbstudiesbthebchoicesbofbindividualsbandbbusinesses.
E) concernedbexclusivelybwithbthebrolebofbthebgovernmentbinbthebeconomy.b
Answer:b D
Diff:b2 Type:bMC
Topic:b DefinitionbofbEconomics




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13) Whichbofbthebfollowingbwouldbbebconsideredbabmicroeconomicbtopic?
A) thebseveritybofbabrecession
B) thebcausebofbunemploymentbinbthebeconomy
C) thebeffectbofbthebgovernmentbbudgetbdeficitbonbinflation
D) thebdeterminationbofbaggregatebincome
E) thebstudybofbhowbwagesbarebsetbforbchildcarebworkersb
Answer:b E
Diff:b2 Type:bMC
Topic:b DefinitionbofbEconomics

14) Thebbranchbofbeconomicsbthatbstudiesbthebperformancebofbthebnationalbeconomybandbthebg
lobalbeconomybis
A) macroeconomics.
B) microeconomics.
C) Keynesianbeconomics.
D) positivebeconomics.
E) normativebeconomics.b
Answer:b A
Diff:b1 Type:bMC
Topic:b DefinitionbofbEconomics

15) Thebfactbthatbhumanbwantsbcannotbbebfullybsatisfiedbwithbavailablebresourcesbisbcalledbthebp
roblembof
A) opportunitybcost.
B) scarcity.
C) normativebeconomics.
D) marginalbcost.
E) thebbigbtradeoff.b
Answer:b B
Diff:b1 Type:bMC
Topic:b DefinitionbofbEconomics

16) Thebproblembofbscarcitybexists
A) onlybinbeconomiesbthatblackbincentives.
B) onlybinbeconomiesbthatbhavebincentives.
C) inballbeconomies.
D) onlybwhenbpeoplebarebunemployed.
E) nowbbutbwillbbebeliminatedbwithbeconomicbgrowth.b
Answer:b C
Diff:b2 Type:bMC
Topic:b DefinitionbofbEconomics




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