microeconomics 17th canadian edition 17e christopher t.s. ragan christopher ragan test bank.

Microeconomics, 17th Canadian Edition, 17e By
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Christopher Ragan Test Bank
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,Microeconomicsn-
nCanadiannEdition,n17en(Ragan)n
Chaptern1n Econo
micnIssuesnandnConcepts

1.1 WhatnIsnEconomics?

1) Whichnofnthenfollowingnstatementsnprovidesnthenbestndefinitionnofneconomics?
A) Thenstudynofnthenmostnequitablendistributionnofnscarcenresources.
B) Thenstudynofnthenusenofnscarcenresourcesntonsatisfynunlimitednhumannwants.
C) Thenstudynofnthenproductionnofngoodsnandnservices.
D) Thenstudynofnthenproductivencapacitynofnannation'snfactorsnofnproduction.
E) Thenstudynofnproductionnandnincreasingnitsnefficiency.n
Answer:nB
Diff:n1 Type:nMC
Topic:n 1.1a.neconomics/resourcesn
Skill:n Recall
LearningnObj.:n 1-
1nExplainnthenimportancenofnscarcity,nchoice,nandnopportunityncost,nandnhowneachnisnillustratednb
ynthenproductionnpossibilitiesnboundary.
Category:n Qualitative

2) Society'snresourcesnarenoftenndividednintonbroadncategories.nTheynare
A) goodsnandnservices.
B) factorsnofnconsumption.
C) land,nlabour,nandncapital.
D) populationnandnnaturalnresources.
E) tangiblencommoditiesnandnintangiblencommodities.n
Answer:n C
Diff:n1 Type:nMC
Topic:n 1.1a.neconomics/resourcesn
Skill:n Recall
LearningnObj.:n 1-
1nExplainnthenimportancenofnscarcity,nchoice,nandnopportunityncost,nandnhowneachnisnillustratednb
ynthenproductionnpossibilitiesnboundary.
Category:n Qualitative




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Copyrightn©n2020nPearsonnCanadanInc.

,3) Considernthenfollowingnlist:nanworkernwithntrainingninnvideongamingntechnology,n10nhectaresnofna
rablenlandninnsouthernnOntario,nanfishingntrawlerninnNovanScotia,nannice-
creamntrucknatnanparkninnQuebec.nEachnofnthesenisnannexamplenof
A) anfactornofnproduction.
B) ancapitalnresource.
C) ancommodity.
D) goodsnandnservices.
E) anneconomicnservice.n
Answer:n A
Diff:n1 Type:nMC
Topic:n 1.1a.neconomics/resourcesn
Skill:nApplied
LearningnObj.:n 1-
1nExplainnthenimportancenofnscarcity,nchoice,nandnopportunityncost,nandnhowneachnisnillustratednb
ynthenproductionnpossibilitiesnboundary.
Category:n Qualitative

4) WhichnofnthenfollowingnisnNOTnconsiderednan"factornofnproduction"ninneconomics?
A) thenespressonmachinenatnyournlocalncafe
B) thenbaristanwhonmakesnthencoffee
C) thenespressondrinknyounpurchase
D) thenwoodnstirnsticks
E) thenlandnonnwhichnthencafensitsn
Answer:n C
Diff:n2 Type:nMC
Topic:n 1.1a.neconomics/resourcesn
Skill:n Applied
LearningnObj.:n 1-
1nExplainnthenimportancenofnscarcity,nchoice,nandnopportunityncost,nandnhowneachnisnillustratednb
ynthenproductionnpossibilitiesnboundary.
Category:n Qualitative




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Copyrightn©n2020nPearsonnCanadanInc.

, 5) Considernthenfollowingnfactorsnofnproduction:
- anpharmaceuticalnresearchncentre
- anhairstylist'snscissors
- Googlenheadquarters
- ancloudncomputingnsystem
- anstaplernatnancheckoutncounter.n
Eachnofnthesenisnannexamplenof
A) land.
B) goods.
C) services.
D) capital.
E) labour.n
Answer:n D
Diff:n2 Type:nMC
Topic:n 1.1a.neconomics/resourcesn
Skill:nApplied
LearningnObj.:n 1-
1nExplainnthenimportancenofnscarcity,nchoice,nandnopportunityncost,nandnhowneachnisnillustratednb
ynthenproductionnpossibilitiesnboundary.
Category:n Qualitative

6) Inneconomics,nwhatnwordnisnusedntondescribenthenactnofnusingngoodsnornservicesntonsatisfyn
wants?
A) consumption
B) production
C) purchasingnpower
D) investment
E) shoppingn
Answer:n A
Diff:n2 Type:nMC
Topic:n 1.1a.neconomics/resourcesn
Skill:n Recall
LearningnObj.:n 1-
1nExplainnthenimportancenofnscarcity,nchoice,nandnopportunityncost,nandnhowneachnisnillustratednb
ynthenproductionnpossibilitiesnboundary.
Category:n Qualitative




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Copyrightn©n2020nPearsonnCanadanInc.