Understanding Economics A Contemporary Perspective 8th Edition by Mark Lovewell Test bank
B. a dump truck
C. a savings account
D. a share of IBM stock
E. a Bell Canada bond
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #13
Topic: 01-02 The Economic Problem
Type: Application
14.The role of the entrepreneur involves:
A. waiting for leadership
B. manual labour
C. bearing risks
D. hiring chartered accountants to make business decisions for them
E. acting as a landowner
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #14
Topic: 01-02 The Economic Problem
Type: Definition
15.Economics can best be described as the study of how:
A. to profitably to invest one's income in stocks and bonds
B. to manage household expenses
C. government policies affect businesses and labour
D. to manage business enterprises for profit
E. to distribute limited resources among alternative ends
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #15
Topic: 01-03 Economics Defined
Type: Definition
16.Economics is primarily the study of:
A. why resources are scarce
B. how advertising and sales promotion shape consumer wants
C. how to make profitable investments
D. how to use scarce resources among alternative ends
E. why consumer wants are unlimited
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #16
Topic: 01-03 Economics Defined
Type: Definition
17.Microeconomics is concerned with the:
A. total levels of income, employment, and output
B. behaviour of individual participants in various markets
C. causes of inflation and unemployment
D. overall view of the operation of the economic system
E. way governments can stabilize the economy
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #17
Topic: 01-03 Economics Defined
Type: Definition
18.Which of the following is a microeconomic statement?
A. Total economic output increased by 2.5 percent last year.
B. Unemployment was 9.8 percent of the labour force last year.
C. The price of wheat declined last year.
D. The general price level increased by 4 percent last year.
E. Business investment decreased by 2 percent last year.
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #18
Topic: 01-03 Economics Defined
Type: Application
19.Macroeconomics approaches the study of economics from the viewpoint of:
A. individual producers
B. governmental units
C. specific product and resource markets
D. individual consumers
E. entire economic sectors
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics
Lovewell - Chapter 01 #19
Topic: 01-03 Economics Defined