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Obesity is one of the biggest health challenges facing Canadians,with few Canadians getting the recommended amount of daily physical activity.Economists would expect


A) people who value physical appearance to exercise less than others.
B) people will exercise more when the cost of skipping exercise increases.
C) people who agree to pay a fine for skipping exercise sessions will be less healthy than those who do not.
D) there is no correlation between fines for skipping exercise and how often people will go to the gym.

E) A) and B)
F) A) and C)

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Markets promote


A) equity and competition.
B) voluntary exchange and equality.
C) equity and equality.
D) competition and voluntary exchange.

E) B) and C)
F) B) and D)

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Which of the following is motivated by an efficiency concern?


A) In 2013 the Alberta government handed out pre-paid credit and debit cards to flood victims.
B) The right to purchase tickets to the Grey Cup is decided by a lottery.
C) Organ transplant waiting lists rationing scarce kidneys that would favor young patients over old in an effort to wring more life out of donated organs.
D) The federal government Equilization program which makes larger transfers to poor provinces than to wealthy ones.

E) A) and B)
F) All of the above

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By charging users that skip workouts,the designers of GymPact are


A) increasing the marginal cost of exercise
B) increasing the marginal benefit of exercise
C) increasing the marginal cost and the marginal benefit of exercise by the same amount.
D) decreasing the marginal cost and the marginal benefit of exercise.

E) A) and D)
F) B) and C)

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The three fundamental questions that any economy must address are


A) What will be the prices of goods and services; how will these goods and services be produced; and who will receive them?
B) What goods and services to produce; how will these goods and services be produced; and who receives them?
C) Who gets jobs; what wages do workers earn; and who owns what property?
D) How much will be saved; what will be produced; and how can these goods and services be fairly distributed?

E) B) and C)
F) A) and D)

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Changes in global weather patterns can lead to


A) more Canadians drinking coffee.
B) Canadians having to pay more for coffee.
C) wage increases for coffee shop employees.
D) the destruction of the Canadian coffee harvest.

E) C) and D)
F) All of the above

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Economic models do all of the following except


A) answer economic questions.
B) portray reality in all its minute details.
C) make economic ideas explicit and concrete for use by decision makers.
D) simplify some aspect of economic life.

E) A) and B)
F) A) and C)

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An economic model is a simplified version of reality used to analyze real-world economic situations.

A) True
B) False

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Table 1.1 Table 1.1 Lydia runs a small nail salon in the town of New Hope.She is debating whether she should extend her hours of operation.Lydia figures that her sales revenue will depend on the number of hours the nail salon is open as shown in the table above.She would have to hire a worker for those hours at a wage rate of $10 per hour. -Refer to Table 1.1.Using marginal analysis,determine how many hours should Lydia extend her nail salon's hours of operations? A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours Lydia runs a small nail salon in the town of New Hope.She is debating whether she should extend her hours of operation.Lydia figures that her sales revenue will depend on the number of hours the nail salon is open as shown in the table above.She would have to hire a worker for those hours at a wage rate of $10 per hour. -Refer to Table 1.1.Using marginal analysis,determine how many hours should Lydia extend her nail salon's hours of operations?


A) 2 hours
B) 3 hours
C) 4 hours
D) 5 hours
E) 6 hours

F) All of the above
G) D) and E)

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A university must decide if it wants to offer more Internet-based classes.This decision involves answering the economic question of "what to produce."

A) True
B) False

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DeShawn's Detailing is a service that details cars at the customers' homes or places of work.DeShawn's cost for a basic detailing package is $40,and he charges $75 for this service.For a total price of $90,DeShawn will also detail the car's engine,a service that adds an additional $20 to the total cost of the package.What is DeShawn's marginal benefit if he sells a basic detailing package?


A) $35
B) $75
C) He makes a marginal loss of $15,not a marginal benefit.
D) The marginal benefit cannot be determined.

E) A) and B)
F) A) and C)

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In 2010,Hooverville consumed 205,000 tonnes of sugar.In 2011,sugar consumption rose to 245,000 tonnes.Calculate the percentage change in sugar consumption.


A) 8.37%
B) 11.95%
C) 19.51%
D) 26.33%

E) A) and B)
F) None of the above

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Which of the following is a normative economic statement?


A) Rising global demand for coal has led to increases in the price of coal.
B) With rising mortgage rates and rising unemployment rates,the number of unsold homes has increased.
C) Toronto is considering increasing funds for light-rail development to promote the use of public transportation.
D) Pharmaceutical manufacturers should not be allowed to patent their products so prescription drugs would be more affordable.

E) B) and C)
F) A) and B)

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Positive analysis is concerned with "what ought to be," while normative analysis is concerned with "what is."

A) True
B) False

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In economics,the term "equity" means


A) everyone has an equal standard of living.
B) the hardest working individuals consume all they want.
C) only elected officials have high standards of living.
D) economic benefits are distributed fairly.

E) C) and D)
F) B) and D)

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What is meant by the statement that "optimal decisions are made at the margin"?

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In economics,the word "marginal" means "...

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Macroeconomics is the study of


A) how households make choices.
B) how firms make choices.
C) how households and firms make choices.
D) the economy as a whole.

E) None of the above
F) All of the above

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Which of the following statements is false?


A) An inverse relationship has a negative slope value.
B) A direct relationship has a positive slope value.
C) A curved line has slope values that change at every point.
D) A straight line has a slope of zero.

E) B) and C)
F) A) and D)

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Which of the following is a result of a market economy?


A) environmental protection
B) an equal income distribution
C) agreement on equity
D) voluntary exchange

E) A) and B)
F) A) and C)

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Define productive efficiency.Does productive efficiency imply allocative efficiency? Explain.

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Productive efficiency is an efficiency c...

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