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Economic 101 Flashcards | StudBud
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Economic 101
Economic 101
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Economic
Flashcards
26 cards
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Questions
26
Answers
1
Which one is not included in drawbacks to GDP?
Leisure
Types of goods produced
Environmental degradation
Unemployment nature
2
Profits are maximized at a production level when_________?
Marginal revenue=marginal cost
Marginal revenue <marginal cost
Marginal revenue >marginal cost
Marginal revenue ／marginal cost＝1
3
What is Mr. Patel's first name?
Pritesh
Pretesh
Pitish
Pretish
4
Which component of the source of Revenue and Amount for the fiscal year is the lowest?
Returns on investments
Health and social insurance premiums
Natural resource revenues
Licences and other revenues
5
What is“A firm owned by two or more people. All partners take part in the management.”
Partnership
Joint liability
Sole proprietorship
General partnership
6
Which of the following is not one of the main purposes of taxation?
Promote income equity
Influence conditions in specific markets
Finance state activity
Provide difference between high- and low- income earners.
7
Capitalism is _________.
Moderate left
Moderate right
Extreme right
Extreme left
8
Which of the following is not included in the impediments to trade?
Quotas
Reciprocity Treaty
Subsidies
Embargoes
9
Which of the following is not included in the barrier to economic development?
Low levels of investments
Differences in incomes
Population growth
Malnutrition
10
Which of the following is not counted as labour force?
People who have work experience
People willing and able to work
People employed
People seeking employment
11
The average calculated by dividing total income by the total population, is called_____?
Median income
Mean average income
Quintile
HDI
12
Which is not intangible resources?
Environment for enterprise
Labour
Entrepreneurship
Knowledge
13
Under ______ will transfer payments vary according to each recipient’s income?
Means testing
Marginal tax rate
Canada Pension Plan
Canada Assistance Plan
14
Who came up with the idea of Fiscal Policy?
John Kenneth Galbraith
John Keynes Maynard
John Maxwell
John Maynard Keynes
15
Which of the following is not one of the factors affecting demand elasticity?
Fraction of income spent on the item
Ease of storage
Availability of substitutes
Nature of the item
16
A tax increase and decrease in government spending is included in _______?
Expansionary fiscal policy
Contractionary fiscal policy
Discretionary fiscal policy
Automatic fiscal policy
17
Which of the following is not one of the changes in demand?
Expectations
Population
Preference
prices of related outputs
18
Which one is the fallacy of single causation?
One farmer decides to grow more corn, many attempt the same.
Free trade can benefit Canadian society, and every Canadian.
Stock market crash of 1929 caused the Great Depression.
New government takes credit for improving the economy.
19
All Canadians are supposed to have equal, free access to such services except______.
Health care
Public education
Welfare project
Social services
20
Which country has a comparative advantage in baby bananas?
Thailand
India
China
Pilipinas
21
Which of the following country does not have the Middle-income economics?
Dominicana
গণপ্রজাতন্ত্রী বাংলাদেশ
República Bolivariana de Venezuela
Latvijas Republika
22
“Sales in Canada in this quarter are 7 percent higher than in the last quarter.” is__?
Descriptive statement
Policy statement
Conditional statement
Normative statement
23
What’s the GDP equation?
C+G+I+(M-X)
C+G-I+(X-M)
C-G+I+(X-M)
C+G+I+(X-M)
24
How do you get real rate of interest?
Nominal rate of interest-expected rate of inflation
Nominal rate of interest-inflation premium
Expected rate of inflation-nominal rate of interest
Nominal rate of interest+expected rate of inflation
25
When A’s complement goods’ prices goes up, A’s demand will_______?
Increase
Remain the same
Decrease
Depends
26
The practice of selling products abroad at a price lower than the domestic is called_______.
Retaliation
Tariffs
Dumping
Diversification
