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1 1. What is one possible outcome of a price ceiling? a) a surplus is created in the market which is difficult to deal with b) consumers may have to pay more for an item and receive less of the product c) it tends to keep inefficient producers in business d) it can create shortages of the product in the market 12. The gap between aggregate demand and full employment equilibrium characterized by high unemployment. low inflation and low GDP growth is known as: a) recessionary gap b) full employment gap c) supply gap d) inflationary gap 13. Which of the following economic fallacies is known as the cause and effect fallacy between it is a mistaken belief that what occurs before an event is logically the cause of it? a ) fallacy of composition b) post-hoc fallacy c) fallacy of single causation d) end result fallacy 14. Human capital is: a) the number of people employed in public enterprise b) the knowledge. skills and education levels of the workforce ") the amount of money invested in the Canadian workforce d) the number of entrepreneurs in private enterprisea) labour 15. Factors of production include ALL of the following EXCEPT. b) technology c ) resources d) inputs 16 What is the most precise definition of the marginal theory of consumer choice? a) the more we consume of a product, the less total satisfaction we gain b) we gain more satisfaction from consuming more of a product c) the extra satisfaction from consuming successive units of the product declines, although total satisfaction increases d) total satisfaction declines as we consume extra units of a product 17. Daniel is an employee at Wal-Mart and was only asked to work during the busy Christmas holiday season and then is laid off. What type of unemployment is this called? a) frictional b) seasonal c) structural d) cyclical 18. Lowering production costs includes reducing full time workers and hiring independent contractors Because of this, the labour market is now known as being a) structurally unemployed b) seasonally unemployed clagig economy d) frictional unemployed19. A tax whose burden cannot be passed on to others by the taxpayer is called a a) proportional tax b) progressive tax c) direct tax d) regressive tax 20. The increase in the rate of extra outputs produced when all inputs used in production are increased and no inputs are held constant is called howa) law of increasing returns to scale b) production possibilities frontier c) law of diminishing returns d) law of increasing relative cost