Test Bank for Macroeconomics, 17th Edition ( Canadian Edition) by Christopher Ragan

Microeconomics, 17th Canadian Edition, 17e By
Christopher Ragan Test Bank

,Microeconomics - Canadian Edition, 17e (Ragan)
Chapter 1 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/ResourcesSkill:
Recall
Learning Obj.: 1-1 Explain The Importance Of Scarcity, Choice, And Opportunity Cost, And
HowEach 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/ResourcesSkill:
Recall
Learning Obj.: 1-1 Explain The Importance Of Scarcity, Choice, And Opportunity Cost, And
HowEach Is Illustrated By The Production Possibilities Boundary.
Category: Qualitative




1
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,3) Consider The Following List: A Worker With Training In Video Gaming Technology, 10
Hectares OfArable 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/ResourcesSkill:
Applied
Learning Obj.: 1-1 Explain The Importance Of Scarcity, Choice, And Opportunity Cost, And
HowEach 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 SitsAnswer: C
Diff: 2 Type: MC
Topic: 1.1a.
Economics/ResourcesSkill:
Applied
Learning Obj.: 1-1 Explain The Importance Of Scarcity, Choice, And Opportunity Cost, And
HowEach Is Illustrated By The Production Possibilities Boundary.
Category: Qualitative




2
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, 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/ResourcesSkill:
Applied
Learning Obj.: 1-1 Explain The Importance Of Scarcity, Choice, And Opportunity Cost, And
HowEach 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 SatisfyWants?
A) Consumption
B) Production
C) Purchasing Power
D) Investment
E) Shoppin
gAnswer:
A
Diff: 2 Type: MC
Topic: 1.1a.
Economics/ResourcesSkill:
Recall
Learning Obj.: 1-1 Explain The Importance Of Scarcity, Choice, And Opportunity Cost, And
HowEach Is Illustrated By The Production Possibilities Boundary.
Category: Qualitative




3
Copyright © 2020 Pearson Canada Inc.