24.To be officially unemployed, a person must: be in the labour force be 21 years of age or older have just lost a job be collecting Employment Insurance 25.Ms. Eckstein has lost her job in a Quebec textile plant because of import competition. She intends to take a short course in electronics and move to Alberta where she anticipates new jobs will be available. We can say that Ms. Eckstein is faced with: secular unemployment cyclical unemployment structural unemployment frictional unemployment 26.Inflation: Always reduces the cost of living Always reduces the standard of living Reduces the price of products Reduces purchasing power
Just solve questions 24-29 only, thank u!
19 Which of the following statements best
expresses the law of diminishing marginal returns?
- Because large-scale production allows the
realization of increasing returns to scale, the
costs of production vary directly with the level
of output.
- Population growth automatically adjusts to that
level at which the average product per worker
will be at a maximum.
- As successive amounts of one resource (labour)
are added to fixed amounts of other resources,
beyond some point the resulting extra output
will decline.
- The same percentage increase in all inputs will
result in a lower percentage increase in total
output.
- 20.The achievement of full employment frequently
conflicts with the economic goal of:
- economic efficiency
economic growth price stability- a viable balance of payments
- 21.An entry barrier that involves illegal pricing
strategies is:
- increasing returns to scale
- advertising
- restricted ownership of resources
- predatory pricing
- 22.
GDP may be defined as: - the monetary value of all final goods and
services produced within a nation in a given
year
- GNP minus all non-income charges against
output
- the monetary value of the capital stock used
in the production of a year's output
- the monetary value of all goods and services,
both final and intermediate, produced in a
given year4
23 Canada’s GNP differs from its GDP in that:
- GNP measures the output of Canadian owned
factors at home and abroad, whereas the GDP
measures the output produced by factors located
in Canada.
- GNP measures the output produced by the
factors located in Canada, whereas GDP measures
the ouput produced by Canadian owned factors.
- GNP includes net exports, whereas GDP excludes
net exports
- None of the above are differences between GNP
and GDP
- 24.To be officially unemployed, a person must:
- be in the labour force
- be 21 years of age or older
- have just lost a job
- be collecting Employment Insurance
- 25.Ms. Eckstein has lost her job in a Quebec textile
plant because of import competition. She intends
to take a short course in electronics and move to
Alberta where she anticipates new jobs will be
available. We can say that Ms. Eckstein is faced
with:
- secular
unemployment - cyclical unemployment
- structural unemployment
- frictional unemployment
- 26.Inflation:
- Always reduces the cost of living
- Always reduces the standard of living
- Reduces the price of products
- Reduces
purchasing power
27 Using the chart below calculate GDP using the
expenditure approach.
Gov’t purchases $45B
Rental income $31B
Exports
$18B
Indirect taxes
$27B
Gross investment $37B
Wages and salaries $78B
Corporate profit $40B
Interest income $19B
Imports
$17B
Net investments $28B
Consumer spending $87B
$9B
- $195B
- $170B
- $161B
- $186B
28 If a legal ceiling price is set below the
- a shortage of the product will occur
- a surplus of the product will occur
- an underground market will evolve
- neither the equilibrium price nor
equilibrium quantity will
be affected
- 29. To economists, the main difference between "the
short run" and "the long run" is that:
- the law of diminishing marginal returns applies in the
long run but not in the short run
- in the long run, all resources are variable while in the
short run, at least one resource is fixed
- fixed costs are more important to decision making in
the long run than they are in the short run
- in the short run all resources are fixed, while in the
long run all resources are variable
- 30.A surplus of product will occur when price is:
- above equilibrium with the result that quantity
demanded exceeds quantity supplied
- above equilibrium with the result that quantity
supplied exceeds quantity demanded
- below equilibrium with the result that quantity
demanded exceeds quantity supplied
- below equilibrium with the result that quantity
supplied exceeds quantity demanded
- 31.Which of the following would decrease
aggregate demand and shift the AD curve to the
left?
- a decline in personal income tax rates
- a decline in consumer spending
- a higher level of government purchases
- a fall in interest rates
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