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Exam 1: Limits, Alternatives, and Choices

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Question 31

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What variables are used to determine the individual's budget line?

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Income and the prices of the t...

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Question 32

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List the four resource categories and give a brief description of each.

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(a)Land:natural resources including land...

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Question 33

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Describe the slope of a direct and an inverse relationship.

Why have the last few years been an exciting time to study macroeconomics?

What does it mean to say that theories,principles,and models are "purposeful simplifications"?

How do you determine the slope of a nonlinear curve? Will the slope be the same along the curve? Explain.

Differentiate between the independent and dependent variables in an economic relationship.

Identify whether each of the following is a positive or normative statement. (a)Should tuition fees increase,fewer students would obtain a post-secondary education. (b)The Prime Minister announced that Canada is the best place in the world to live.

Define what is meant by an inverse relationship between two variables and describe the line graph depicting such a relationship.

Below are six statements.Indicate whether each one pertains to microeconomics (MIC)or macroeconomics (MAC). (a)"The inflation rate in Canada hit its lowest level in the last twenty years". (b)"The profits of BCE rose 20 percent during the past quarter". (c)"A drought has occurred in the Prairies.The prices for barley are expected to rise sharply". (d)"The nation's economy grew at an annual rate of 3.7 percent in the final quarter of the year". (e)"The trade surplus in Canada was $4 billion last month". (f)"General Motors plans to spend $800 million on a new automobile plant".

What are the key economic concepts that pertain to the economy as a whole?

What are the key economic concepts that pertain to interactions among individuals?

Explain and evaluate: "If resources were infinitely abundant in relation to the demand for them,the economic problem would dissolve in a sea of affluence".

Evaluate.Since the production possibilities curve can shift outward over time,it is possible for an economy to get more of a product without incurring an opportunity cost.

Explain how increasing opportunity costs are reflected graphically in the production possibilities curve.How would the curve appear if opportunity costs were constant?

"The two cornerstones of economics are the scarcity of resources and the multiplicity of wants.True economy consists of deriving maximum want satisfaction from available resources".Explain.