MIDVersionA - past exam

MIDVersionA - past exam - MULTIPLE CHOICE. Choose the one...

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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which version of the exam do you have? A) Version A B) Version B C) Version C D) Version D 1) 2) Which of the following is a macroeconomic topic? A) How would a tax on e - commerce affect Chapters.ca? B) Why do grain producers purchase less pesticides? C) Why are people buying more SUVs and fewer minivans? D) How would an unexpected freeze in Oxford, Nova Scotia reduce the price of blueberries in the Maritimes? E) Why is Japan's economy stagnated? 2) 3) The study of how wages are set for New Brunswick teachers would be considered A) economics of private interest. B) economics of social interest. C) microeconomics. D) normative economics. E) macroeconomics. 3) 4) Which one of the following is an example of capital as a factor of production? A) money held by General Motors B) a General Motors bond C) an automobile factory owned by General Motors D) natural gas E) a high school teacher 4) 5) An economy in which the behaviour of consumers and producers determines what, how, and for whom goods and services get produced is known as A) the positive economy. B) the market economy. C) the centrally planned economy. D) the global economy. E) the new economy. 5) 6) During the next hour John can choose one of the following three activities: playing basketball, watching television, or reading a book. The opportunity cost of reading a book A) is the value of playing basketball and the value of watching television. B) depends on how much the book cost when it was purchased. C) is the value of watching television if John prefers playing basketball to watching television. D) is the value of playing basketball if John prefers that to watching television. E) depends on how much John enjoys the book. 6) 2
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 7) A welder makes $25 an hour and must take two hours off work (without pay) to go to the dentist for a filling. The dentist charges $100. The opportunity cost of the welder's trip to the dentist is A) $50. B) $75. C) $125. D) $100. E) $150. 7) 8) The big tradeoff is between A) equity and efficiency. B) current consumption and a higher future standard of living. C) taxes and transfers. D) output and inflation. E) guns and butter. 8) 9) Which of the following statements is/are normative? A) Warts are caused by handling toads. B) As compact disc prices fall, people will buy more of them. C) Scientists should not make normative statements. D) If income increases, sales of luxury goods will fall. E) none of the above 9) 10) Which of the following is an example of a positive economics? A) The Central Bank of Canada ought to cut the interest rate.
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MIDVersionA - past exam - MULTIPLE CHOICE. Choose the one...

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