Question 1 Which of the following newspaper headlines concerns a macroeconomic issue? Not yet answered Select one: Marked out of 1.00 O a. How would a tax on e-commerce affect Amazon.ca? Flag question O b. Why is Japan's economy booming? O c. Why are people buying more SUVs and fewer minivans? O d. Why do Canadian purchase less milk? Question 2 The fact that human wants cannot be fully satisfied with available resources is called the problem of Not yet answered Marked out of 1.00 Select one: Flag question a. opportunity cost. b. scarcity. O C. normative economics. O d. tradeoff Question 3 Sue, who has a law degree, earns $200,000 a year, while Sam, a high-school dropout, earns $5.00 an hour. This Not yet answered is an example of an economy facing the question. Marked out of 1.00 Select one: P Flag question a. "what to produce" O b. "For whom to produce" O C. "How to produce" O d. "why to produce" Question 4 Which statement about incomes earned by factors of production is true? Not yet answered Marked out of 1.00 Select one: O a. Natural resources earn rent. P Flag question O b. Entrepreneurship earns wages. O c. Capital earns profit. O d. Labour earns profit.Question 5 Which of the following statements are positive? Not yet answered Marked out of 1.00 Select one: Flag question a. The federal government should increase production of COVID-19 vaccines. O b. We should devote more resources to find a cure for cancer. O c. "Superman" is the best movie ever. O d. Air travel has increased since this Summer. Question 6 An economy in which a central authority draws up a plan that establishes what will be produced and when, sets Not yet answered production goals, and makes rules for distribution is a Marked out of 1.00 Select one: P Flag question O a. command economy O b. traditional mixed economy O c. market economy O d. traditional economy Question 7 The production possibility frontier is a graph that shows Not yet answered Select one: Marked out of 1.00 O a. the amount of goods and services consumed at various average price levels. Flag question O b. the rate at which an economy's output will grow over time if all resources are used efficiently. O c. all the combinations of goods and services that can be produced if all of society's resources are used efficiently. O d. all the combinations of goods and services that are consumed over time if all of society's resources are used efficiently Question 8 A medical clinic has 10 workers. Each worker can produce a maximum of either 2 units of medical services or 5 Not yet answered units of secretarial services a day. The production possibilities frontier of this firm would show Marked out of 1.00 Select one: Flag question a. constant opportunity cost. b. decreasing opportunity cost. O c. zero opportunity cost. O O. increasing opportunity cost.Question 9 A technological improvement is represented by Not yet answered Marked out of 1.00 Select one: Flag question O a. a point inside the production possibilities frontier. O b. a movement along the production possibilities frontier. O c. an outward shift of the production possibilities frontier. O d. a point outside the production possibilities frontier. Question 10 In general, if country A is accumulating capital at a faster rate than country B, then Not yet answered Marked out of 1.00 Select one: P Flag question O a. country A will face higher opportunity cost than country B. O b. country B should use a larger proportion of resources to produce consumption goods. O c. country A will have a production possibilities frontier that is shifting out faster than country B's. O d. country A will have a higher rate of inflation than country B. Question 11 Suppose Canada produces only two products, cars and televisions. Not yet answered a) If Canada's production possibilities curve satisfies the law of increasing opportunity costs, what is the shape of Marked out of 1.00 the PPF? Explain. (A: 1 mark) P Flag question b) Suppose that many Canadian immigrated to the United States. Clearly explain how would this affect the Canadian PPF. (T/: 2 marks) c) Refer to parts (b). Draw a graph to show how the situation stated in part (b) affect the Canadian PPF. (A: 2 marks)