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Exam 1: The Economic Problem

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Question 1

Multiple Choice

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Economic models:

A) are of limited use because they cannot be tested empirically
B) are limited to variables that are directly related to one another
C) emphasize basic economic relationships by abstracting from the complexities of the real world
D) are unrealistic and are, therefore, of no practical consequence
E) are often illogical, but are sometimes useful

F) A) and D)
G) None of the above

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Question 2

Multiple Choice

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Which of the following statements is correct?

A) The value of the independent variable is determined by the value of the dependent variable.
B) The value of the dependent variable is determined by the value of the independent variable.
C) The dependent variable designates the "cause" and the independent variable the "effect."
D) There is no cause and effect relationship between an independent and dependent variable.
E) There is only a cause and effect relationship between two dependent variables.

F) None of the above
G) C) and D)

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Question 3

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The Canadian economy most closely approximates a:

Normative statements are concerned with:

If an inverse relationship exists between x and y,then a(n) :

-At the end of World War II,Canada's economic adjustment from wartime to peacetime can best be described by the movement from:

The fundamental problem of economics is:

Which of the following is not an illustration of the notion of opportunity cost?

The economic problem stems from the fact that:

Economics is primarily the study of:

The role of the entrepreneur involves:

-Which one of the following would shift the production possibilities curve from PP₁ to PP₂?

Consider the following two tables. $\text { North Cantina }$ $\quad$$\quad$$\text { Production Possibilities}$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { (alternatives) }$ $\begin{array}{ | l | r | r | r | r | r | r | } \hline & \text { A } & \text { B } &{ \text { C } } & { \text { D } } & { \text { E } } & { \text { F } } \\\hline \text { Hamburgers } & 5 & 4 & 3 & 2 & 1 & 0 \\\hline \text { Hot dogs } & 0 & 10 & 18 & 24 & 28 & 30 \\\hline\end{array}$ $\text { South Cantina }$ $\quad$$\quad$$\text { Production Possibilities}$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { (alternatives) }$ $\begin{array} { | l | c | c | r | r | r | r | } \hline & \text { A } & \text { B } & \text { C } & \text { D } & \text { E } & \text { F } \\\hline \text { Hamburgers } & 5 & 4 & 3 & 2 & 1 & 0 \\\hline \text { Hot dogs } & 0 & 8 & 15 & 21 & 25 & 27 \\\hline\end{array}$ Suppose that North Cantina is producing 2 hamburgers and 17 hot dogs while South Cantina is producing 2 hamburgers and 21 hot dogs.We can conclude that:

Modern mixed economy refers to an economy:

-The shape of each production possibilities curve:

Which of the following is a microeconomic statement?

Which of the following is a correct statement?

If we say that two variables are inversely related,this means that:

The unemployment rate includes:

Which of the following is a macroeconomic statement?