Understanding Economics A Contemporary Perspective 8th Edition by Mark Lovewell Test bank

Difficulty: Easy
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #67
Topic: 01-14 Mixed Economies
Type: Application
 
 
68.The unemployment rate includes: 
 


A. pensioners
 
B. homemakers
 
C. brewery workers who have been laid off recently
 
D. students working part-time at a grocery store
 
E. young children
 
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #68
Topic: 01-15 Economic Goals
Type: Definition
 
 
69.The Kyoto Protocol: 
 


A. aimed to increase emissions of so-called greenhouse gases, in particular carbon dioxide
 
B. was signed by over 170 countries, including Canada
 
C. ensured that all countries in the world cut greenhouse gases until 2012
 
D. requirements were met by Canada, but by few other countries
 
E. imposed a global carbon tax
 
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #69
Topic: 01-15 Economic Goals
Type: Factual
 
 
70.The achievement of full employment frequently conflicts with the economic goal of: 
 


A. economic efficiency
 
B. economic growth
 
C. income equity
 
D. a viable balance of payments
 
E. price stability
 
Accessibility: Keyboard Navigation
Difficulty: Hard
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #70
Topic: 01-15 Economic Goals
Type: Definition
 
 
71.According to Adam Smith, the most significant single cause of economic progress has been: 
 


A. the increase in the fertility of land used in agriculture
 
B. the use of more specialized forms of machinery in manufacturing
 
C. a more educated workforce
 
D. the division of labour
 
E. the rise of large companies that dominate particular industries
 
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #71
Topic: 01-16 The Founder of Modern Economics: Adam Smith and the Invisible Hand
Type: Application
 
 
72.Laissez-faire suggests that: 
 


A. land and other natural resources should be privately owned but capital should be owned by the government
 
B. land and other natural resources should be owned by the government but capital should be privately owned
 
C. government should not interfere with the operation of the economy
 
D. government action is necessary if the economy is to achieve full employment
 
E. government policies are needed to deal with environmental damage
 
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them
Lovewell - Chapter 01 #72
Topic: 01-16 The Founder of Modern Economics: Adam Smith and the Invisible Hand
Type: Definition
 



Chapter 1 Summary
 
Category# of Questions
Accessibility: Keyboard Navigation60
Difficulty: Easy30
Difficulty: Hard14
Difficulty: Medium28
Learning Objective: 01-01 Describe the economic problem-the problem of having unlimited wants; but limited resources-that underlies the definition of economics36
Learning Objective: 01-02 Explain how economists specify economic choice; including the production choices an entire economy faces; as demonstrated by the production possibilities model24
Learning Objective: 01-03 Identify the three basic economic questions and how various economic systems answer them12