ECN104 QUIZ 1 PART 2

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School

Toronto Metropolitan University *

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Course

101

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Economics

Date

Jan 9, 2024

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ECN 104 QUIZ 1 PART 2 8. Question:  What area of economics is concerned with the overall ups and downs of the economy, such as unemployment, inflation, and economic growth? a) Microeconomics b) Macroeconomics c) International Economics d) Behavioral Economics 9. Question:  If the government decreases taxes and increases government spending to stimulate economic growth, what type of fiscal policy is being implemented? a) Contractionary fiscal policy b) Expansionary fiscal policy c) Neutral fiscal policy d) Austerity fiscal policy 10. Question:  When a country specializes in producing the goods and services it can produce most efficiently, it is adhering to the principle of: a) Absolute advantage b) Comparative advantage c) Balanced trade d) Protectionism 11. Question:  In which market structure do many firms sell similar but differentiated products, and entry and exit are relatively easy? a) Perfect competition b) Monopoly c) Oligopoly d) Monopolistic competition 12. Question:  If the price of a good is $5 and the quantity demanded is 20 units, what is the total expenditure on the good? a) $25 b) $100 c) $50 d) $75 13. Question:  What is the term for the percentage of the labor force that is unemployed and actively seeking employment? a) Employment rate b) Labor force participation rate c) Unemployment rate d) Underemployment rate

14. Question:  In the circular flow model of the economy, households receive income through: a) Government transfers b) Exports c) Business investments d) All of the above

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ECN104 QUIZ 1 PART 2

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