In 1927, British subjects in Canada received the first what?

Multiple Choice

• Old Age Pension benefit.
• Old Age Security benefit.
• Social security cheque.
• Social Welfare cheque.

If GDP growth were to increase, it would cause the:

Multiple Choice

• labour supply curve to shift right.
• labour supply curve to shift left.
• labour demand curve to shift left.
• labour demand curve to shift right.

When the prevailing market wage is above equilibrium:

Multiple Choice

• All of these are true.
• unemployment decreases.
• the difference between the quantity supplied and the quantity of labour demanded is unemployment.
• the shortage of labour is the amount of unemployment in the market.

An economic slow-down would cause the:

Multiple Choice

• labour demand curve to shift left.
• labour supply curve to shift left.
• labour supply curve to shift right.
• labour demand curve to shift right.

Using the information in the table shown, what is the 1999 salary in 2009 dollars?

Year	Salary	CPI
1969	$20,520	36.7
1979	$43,265	72.6
1989	$85,529	124.0
1999	$135,250	166.6
2009	$170,844	214.5

Multiple Choice

• $132,692
• $174,136
• $105,292

If the 1989 salary in 2009 dollars is $147,951, how do we interpret this?

Year	Salary	CPI
1969	$20,520	36.7
1979	$43,265	72.6
1989	$85,529	124.0
1999	$135,250	166.6
2009	$170,844	214.5

Multiple Choice

• It would take $147,951 in 2009 to buy the same amount of goods that was purchased in 1989 with $85,529.
• All of these are correct interpretations.
• Someone earning $85,529 in 1989 would not be as well off if he were earning $147,951 in 2009

According to the table shown, what can be said about the cost of living in 2008?

Year	CPI
2008	99
2009	100
2010	105
2011	104
2012	106

Multiple Choice

• People experienced a decrease in the cost of living because the CPI is less than 100.
• There must have been a recession because the CPI is less than 100.
• People experienced an increase in the cost of living because the CPI isn't over 100.

Policies designed to protect workers:

Multiple Choice

• include corporate bankruptcy laws.
• include CPP.
• include minimum wage laws.
• don't include minimum wage laws.

The labour demand curve:

Multiple Choice

• is made up of firms who want to hire workers at each given wage.
• does not follow the traditional shape of typical demand curves.
• is made up of workers who want to work for firms at each given wage.
• shows that the number of people who want to work increases as the wage increases.

Which of the following goods is least likely to be in a market basket?

Multiple Choice

• Coffee beans
• Shuttle service
• Airfare
• Street lamps

The GDP deflator differs from the CPI in its measurement of inflation in that:

Multiple Choice

• it includes imports, which may have a real effect on the typical consumer's cost of living.
• It uses the ratio of what a typical consumer might consume not the total quantities that are produced.
• it measures the price changes of all goods, not just those in a typical consumer's basket.
• All of these statements are true.

The unemployment rate:

Multiple Choice

• can be zero.
• is measured by the number of people who are unemployed divided by the labour force.
• measures what percentage of our labour force that is currently not willing or able to work.
• can be negative.

Jake just quit his job as a shoe salesman and is looking for work as an accountant, which is what his college degree is in. Jake would be considered:

Multiple Choice

• structurally unemployed.
• cyclically unemployed.
• classically unemployed.
• frictionally unemployed.