Macroeconomics, 17th edition Canadian Edition Christopher T.S. Ragan 2022 Test Bank

Macroeconomics, 17th edition Canadian Edition Christopher T.S. Ragan 2022 Test Bank

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Sample for the Test bank Macroeconomics, 17th edition Canadian Edition Christopher

MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers the question.

1. I) Which of the following statements provides the best definition of economics?
2. A) The study of the production of goods and services.
3. B) The study of the use of scarce resources to satisfy unlimited human wants,
4. C) The study of the most distribution of scarce resources.
5. D) The study of production and increasing its efficiency.
6. E) The study of the productive capacity of a nation’s factors of production.

2)  Society’s  resources are often divided into broad categories, They are

1. A) land, labour, and capital.
2. B) goods and services.
3. C) population and natural resources.
4. D) factors of consumption.
5. E) tangible commodities and intangible commodities.

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

1. A) goods and services.
2. B) a factor of production.
3. C) a capital resource.
4. D) a commodity.
5. E) an economic service.

4) Which of the following is NOT considered a “factor of production” in economics?

1. A) the espresso drink you purchase
2. B) the land on which the cafe sits
3. C) the barista who makes the coffee
4. D) the wood stir sticks
5. E) the espresso machine at your local cafe

5) Consider the following factors of production: a pharmaceutical research centre, a hairstylist’s

scissors, Google headquarters, a cloud computing system, and a stapler at a checkout counter. Each

of these is an example of

1. A) land.
2. B) goods.
3. C) services.
4. D) capital.
5. E) labour.

6) Cars, computers, crayons and clothing are examples of

1. A) land.
2. B) goods.
3. C) services.
4. D) capital.

7) Theatre performances, haircuts, internet access, and education are examples of

1. A) land.
2. B) goods.
3. C) services.
4. D) capital