24.To be officially unemployed, a person must: be in the labour force be 21 years of age or older have just lost a job be collecting Employment Insurance 25.Ms. Eckstein has lost her job in a Quebec textile plant because of import competition. She intends to take a short course in electronics and move to Alberta where she anticipates new jobs will be available. We can say that Ms. Eckstein is faced with: secular unemployment cyclical unemployment structural unemployment frictional unemployment 26.Inflation: Always reduces the cost of living Always reduces the standard of living Reduces the price of products Reduces purchasing power

Just solve questions 24-29 only, thank u!

19 Which of the following statements best

expresses the law of diminishing marginal returns?

1. Because large-scale production allows the

realization of increasing returns to scale, the

costs of production vary directly with the level

of output.

1. Population growth automatically adjusts to that

level at which the average product per worker

will be at a maximum.

1. As successive amounts of one resource (labour)

are added to fixed amounts of other resources,

beyond some point the resulting extra output

will decline.

1. The same percentage increase in all inputs will

result in a lower percentage increase in total

output.

1. 20.The achievement of full employment frequently

conflicts with the economic goal of:

1. economic efficiency
2. economic growth
3. price stability
4. a viable balance of payments
5. 21.An entry barrier that involves illegal pricing

strategies is:

1. increasing returns to scale
2. advertising
3. restricted ownership of resources
4. predatory pricing
5. 22.GDP may be defined as:
6. the monetary value of all final goods and

services produced within a nation in a given

year

1. GNP minus all non-income charges against

output

1. the monetary value of the capital stock used

in the production of a year's output

1. the monetary value of all goods and services,

both final and intermediate, produced in a

given year4

23 Canada’s GNP differs from its GDP in that:

1. GNP measures the output of Canadian owned

factors at home and abroad, whereas the GDP

measures the output produced by factors located

in Canada.

1. GNP measures the output produced by the

factors located in Canada, whereas GDP measures

the ouput produced by Canadian owned factors.

1. GNP includes net exports, whereas GDP excludes

net exports

1. None of the above are differences between GNP

and GDP

1. 24.To be officially unemployed, a person must:
2. be in the labour force
3. be 21 years of age or older
4. have just lost a job
5. be collecting Employment Insurance
6. 25.Ms. Eckstein has lost her job in a Quebec textile

plant because of import competition. She intends

to take a short course in electronics and move to

Alberta where she anticipates new jobs will be

available. We can say that Ms. Eckstein is faced

with:

1. secular unemployment
2. cyclical unemployment
3. structural unemployment
4. frictional unemployment
5. 26.Inflation:
6. Always reduces the cost of living
7. Always reduces the standard of living
8. Reduces the price of products
9. Reduces purchasing power

27 Using the chart below calculate GDP using the

expenditure approach.

Gov’t purchases $45B

Rental income $31B

Exports

$18B

Indirect taxes

$27B

Gross investment $37B

Wages and salaries $78B

Corporate profit $40B

Interest income $19B

Imports

$17B

Net investments $28B

Consumer spending $87B

Depreciation

$9B

1. $195B
2. $170B
3. $161B
4. $186B

28 If a legal ceiling price is set below the equilibrium price:

1. a shortage of the product will occur
2. a surplus of the product will occur
3. an underground market will evolve
4. neither the equilibrium price nor equilibrium quantity will

be affected

1. 29. To economists, the main difference between "the

short run" and "the long run" is that:

1. the law of diminishing marginal returns applies in the

long run but not in the short run

1. in the long run, all resources are variable while in the

short run, at least one resource is fixed

1. fixed costs are more important to decision making in

the long run than they are in the short run

1. in the short run all resources are fixed, while in the

long run all resources are variable

1. 30.A surplus of product will occur when price is:
2. above equilibrium with the result that quantity

demanded exceeds quantity supplied

1. above equilibrium with the result that quantity

supplied exceeds quantity demanded

1. below equilibrium with the result that quantity

demanded exceeds quantity supplied

1. below equilibrium with the result that quantity

supplied exceeds quantity demanded

1. 31.Which of the following would decrease

aggregate demand and shift the AD curve to the

left?

1. a decline in personal income tax rates
2. a decline in consumer spending
3. a higher level of government purchases
4. a fall in interest rates