TESTBANK FOR MICROECONOMICS 17TH CANADIAN EDITION BY CHRISTOPHER RAGAN ALL CHAPTERS INCLUDED|| LATEST AND COMPLETE UPDATE 2025 GRADED A+

TESTBANK FOR MICROECONOMICS 17TH
CANADIAN EDITION BY CHRISTOPHER RAGAN ALL
CHAPTERS INCLUDED|| LATEST AND COMPLETE
UPDATE 2025 GRADED A+

,TESTBANK FOR MICROECONOMICS 17TH
CANADIAN EDITION BY CHRISTOPHER RAGAN ALL
CHAPTERS INCLUDED|| LATEST AND COMPLETE
UPDATE 2025 GRADED A+
Chapter 01: Economic Issues and Concepts
1.1 What Is Economics?


1) Which of the following statements provides the best definition of
economics?
A) The study of the most equitable distribution of scarce resources.
B) The study of the use of scarce resources to satisfy unlimited human wants.
C) The study of the production of goods and services.
D) The study of the productive capacity of a nation's factors of production.
E) The study of production and increasing its efficiency. ANSWER- B
Diff: 1 Type: MC
Topic: 1.1a. economics/resources Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity
cost, and how each is illustrated by the production possibilities boundary.
Category: Qualitative
2) Society's resources are often divided into broad categories. They are
A) goods and services.
B) factors of consumption.
C) land, labour, and capital.
D) population and natural resources.
E) tangible commodities and intangible commodities. ANSWER- C
Diff: 1 Type: MC

,Topic: 1.1a. economics/resources Skill: Recall
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity
cost, and how each is illustrated by the production possibilities boundary.
Category: Qualitative


3) Consider the following list: a worker with training in video gaming
technology, 10 hectares of arable land in southern Ontario, a fishing trawler in
Nova Scotia, an ice-cream truck at a park in Quebec. Each of these is an example
of
A) a factor of production.
B) a capital resource.
C) a commodity.
D) goods and services.
E) an economic service. ANSWER- A
Diff: 1 Type: MC
Topic: 1.1a. economics/resources Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity
cost, and how each is illustrated by the production possibilities boundary.
Category: Qualitative
4) Which of the following is NOT considered a "factor of production" in
economics?
A) the espresso machine at your local cafe
B) the barista who makes the coffee
C) the espresso drink you purchase
D) the wood stir sticks
E) the land on which the cafe sits ANSWER- C
Diff: 2 Type: MC

, Topic: 1.1a. economics/resources Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity
cost, and how each is illustrated by the production possibilities boundary.
Category: Qualitative


5) Consider the following factors of production:
- a pharmaceutical research centre
- a hairstylist's scissors
- Google headquarters
- a cloud computing system
- a stapler at a checkout counter. Each of these is an example of
A) land.
B) goods.
C) services.
D) capital.
E) labour. ANSWER- D
Diff: 2 Type: MC
Topic: 1.1a. economics/resources Skill: Applied
Learning Obj.: 1-1 Explain the importance of scarcity, choice, and opportunity
cost, and how each is illustrated by the production possibilities boundary.
Category: Qualitative
6) In economics, what word is used to describe the act of using goods or
services to satisfy wants?
A) consumption
B) production
C) purchasing power