Aweighs thepricesconsumers are willing to pay for a given commodity or service.

Question 2 options:

Price System

Supply & Demand System

Free Market

Stock Market

Question 3(1 point)

Saved

Themeasures the rate of inflation in a hypothetical basket of goods such as food and clothing.

Question 3 options:

Inflation index

Consumer Price Index

Inflation rate

Fiscal policy indicator

Question 4(1 point)

Macroeconomics analyzes:

Question 4 options:

thechoices that individuals, businesses, and governments make

the decisions made by the Bank of Canada

the performance of the local and global economy

the production and tracking of GDP

Question 5(1 point)

Saved

The law ofstates that other factors being constant, price and quantityof any good and service are inversely related to each other.

Question 5 options:

Supply / Supplied

Demand / Demanded

Demand / Supplied

Supply / Demanded

Question 6(1 point)

An economic system with elements of both a command and a free market economy is typical of most nations in the world.We call these a:

Question 6 options:

Mixed Market Economy

Free Market System

Privatized Economy

Capitalistic Economy

Question 7(1 point)

Saved

The Bank of Canada has an annual inflation rate target ofpercent to keep inflation stable and predictable.

Question 7 options:

2%

10%

0%

20%

Question 8(1 point)

The statement "reduced spending can lead to a decrease in total savings" refers to the.

Question 8 options:

Fallacy of composition

Paradox of thrift

Miracle of Money

Monetary Oxymoron

Question 9(1 point)

Cost-push and demand-pull are types of:

Question 9 options:

GDP

Inflation

Externalities

Taxes

Question 10(1 point)

Saved

Ais a mechanism for exchange between the buyers and sellers of a particular good or service.

Question 10 options:

Firm

Stock trade

Alliance

Market

Question 11(1 point)

Saved

When a Snowplow operator is out of work in the Summer, we call this ________.

Question 11 options:

Cyclical unemployment

Structural unemployment

Seasonal unemployment

Underemployment

Question 12(1 point)

In a free market the price will always move towards the.

Question 12 options:

Lowest Price

Demand Price

Highest Price

Equilibrium Price

Question 13(1 point)

Which of the following is not included in a Country's GDP:

Question 13 options:

Sales of tires from tire manufacturers to auto manufacturers.

An accounting firm doesn't produce a physical product, but earns a profit by providing a service.

Cash transactions not reported by the seller.

A Canadian business sells its product to a business in Europe.

Question 14(1 point)

Which is not a factor that will shift demand?

Question 14 options:

Income

Market Supply

Price of Complements

Demographics

Question 15(1 point)

When the quantity demanded in the market is greater than the quantity that is being supplied we call this asituation.

Question 15 options:

Limited

Good

Scarce

Surplus

Question 16(1 point)

An economy where the government owns all resources is called a:

Question 16 options:

SocialistMarket

MixedMarket

FreeMarket

CommandMarket

Question 17

Conjectural consideration of a matter; based onopinion rather than facts, refers to:

Question 17 options:

Speculation

Price Fixing

Positive Statements

Valuation

Question 18(1 point)

Theis the growth and contraction pattern of short-term ups and downs in an economy.

Question 18 options:

Business cycle

Supply and Demand schedule

Consumer Price Index

Balance of trade

Explain an example of a negative externality.What might a government do to reduce the impact of the negative externality?

Explain the concept of potential GDP and how it relates to Real GDP.