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question 50

Rebecca is Canadian and has family in Scotland. When her family sends a monetary gift for her birthday, how is this gift classified?

Question 50 options:

as service imports

as net secondary income

as merchandise imports

as net primary income

question 49

Which of the following is most likely to cause the depreciation of the Canadian dollar?

Question 49 options:

an American-owned company buys Canadian oil

a Canadian businessman on an extended trip through Africa

a Canadian farmer relies on exports

a German family on vacation in Quebec

question 47

Suppose Scotland could produce 4 tonnes of potatoes or 2 tonnes of wheat per worker per year, while Ireland could produce 2 tonnes of potatoes or 3 tonnes of wheat per worker per year. What country has the comparative advantage and absolute advantage in producing potatoes?

Question 47 options:

Scotland has the comparative advantage in potato production, while Ireland has the absolute advantage

Ireland has the comparative advantage in potato production, while Scotland has the absolute advantage.

Ireland has both the comparative and absolute advantage in potato production.

Scotland has both the comparative and absolute advantage in potato production.

question 46

Under a flexible exchange rate system, what will a contractionary fiscal policy lead to?

Question 46 options:

an appreciation of the domestic currency

a decrease in foreign reserves

a depreciation of the domestic currency

an increase in foreign reserves

question 44

If the exchange rate between euros and dollars is 2 euros per dollar, when a Canadian purchases a good valued at 40 euros, what is its cost in dollars?

Question 44 options:

$20

$40

$80

$600

Which of the following is a form of money?

Question 21 options:

a credit card

a treasury bill

a savings deposit

a stock

Question 22(1 point)

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What does the P in the equation of exchange represent?

Question 22 options:

profit earned in the economy

marginal level of prices

average level of prices of final goods and services in the economy

marginal propensity to spend

Question 23(1 point)

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What kind of relationship exists between the quantity of money demanded and the interest rate?

Question 23 options:

a positive relationship

a fixed relationship

an inverse relationship

a constant relationship

Question 24(1 point)

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If the demand for money increases, what will happen to interest rates and the quantity of money?

Question 24 options:

Interest rates will decrease, and the quantity of money will decrease.

Interest rates will increase, and the quantity of money will increase.

Interest rates will decrease, and the quantity of money will stay the same.

Interest rates will increase, and the quantity of money will stay the same.

Question 25(1 point)

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Which of the following statement is true about the US Federal Reserve?

Question 25 options:

The Federal Reserve System consists 12 regional federal reserve banks

Interest rate decisions of the Federal Reserve are made by the Chairman and Vice Chairman of Federal Reserve

The Federal Reserve is owned by the US federal government

The directors of the Federal Reserve board are directly elected by the people

Question 26(1 point)

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Which of the following is NOT a reason that gold and silver have been historically used as money?

Question 26 options:

The issuer's name can be printed on gold and silver, but not on other commodities

They can easily be made into different shapes and weights

They are scarce and valuable

They can last a very long time

Question 27(1 point)

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A bank has $200 million in demand deposits and desires a 20 percent reserve ratio. How much will it hold as reserves?

Question 27 options:

$250 million

$60 million

$40 million

$100 million

Question 28(1 point)

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Which of the following would be classified in the capital account?

Question 28 options:

the purchase of Swiss francs by the Bank of Canada

the purchase of a British soccer team merchandise by a Canadian sports company

the sale of Belizean sugar cane to a Canadian food company

the importing of Jamaican rum

Question 29(1 point)

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Who is the governor of the Bank of Canada?

Question 29 options:

Ben Bernanke

Tiff Macklem

Mark Carney

Stephen Harper

Question 30(1 point)

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A bank receives a demand deposit of $3000. The bank loans out $1800 of this deposit and increases its excess reserves by $300. What is the bank's desired reserve ratio?

Question 30 options:

60 percent

40 percent

10 percent

30 percent

Question 31(1 point)

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Which of the following statements about the velocity of money is the most accurate?

Question 31 options:

It is the average number of times that a dollar is used in purchasing goods and services.

It is the rate at which the Consumer Price Index rises.

It is established by the Bank of Canada and, if needed, is adjusted four times a year.

It is inversely related to the rate of interest.

Question 32(1 point)

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Suppose Edland can produce either 30 units of good A or 30 units of good Z, and Georgeland can produce either 150 units of good A or 200 units of good Z. For them both to benefit from trade, how much will each unit of Z exchange for?

Question 32 options:

between 0.1 of a unit and 0.75 of a unit of A

0 units of A since only if the good Z is free will there be mutual benefit

between 0.75 of a unit and 1 unit of A

more than 1 unit of A

Question 33(1 point)

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Why does gold work better than bananas as a form of money?

Question 33 options:

A value can be imprinted in gold, but NOT in bananas

Gold does NOT disintegrate over time, but bananas do

Gold is a natural element and bananas can be grown

Everyone can value pure gold, but NOT a banana

Question 34(1 point)

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If the target for the overnight lending rate is 5 percent, what would be the respective bank rate?

Question 34 options:

5 percent

4.75 percent

5.25 percent

5.5 percent

Question 35(1 point)

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Suppose you find $1000 hidden in your mattress and deposit it in a demand deposit account at your bank. The bank's desired reserve ratio is 20 percent. How much will the deposit directly create in excess reserves?

Question 35 options:

$1000

$800

$1200

$200

Question 36(1 point)

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Which of the following is one reason why nations trade?

Question 36 options:

No one country produces all of what citizens within the country want

Different countries have different levels of greed.

The wants of their citizens exceed their productive capacity

Labour costs are too high in some countries to efficiently produce goods

Question 37(1 point)

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Which of the following is NOT a function of the Bank of Canada?

Question 37 options:

setting tax rates

setting monetary policy

being a lender of last resort

controlling inflation

Question 38(1 point)

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Scenario 14-3

Rebecca can produce either 20 tonnes of apples or 10 tonnes of grapes in a year, while Henry can produce either 10 tonnes of apples or 20 tonnes of grapes.

Refer to Scenario 14-3. What exchange rate results in mutually beneficial trade between Rebecca and Henry?

Question 38 options:

1 tonne of grapes to 1.5 tonnes of apples

1 tonne of apples to 2 tonnes of grapes

1 tonne of grapes to 2 tonnes of apples

1 tonne of grapes to 0.5 tonnes of apples

Question 39(1 point)

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The National Bank of Anywhere desires to hold 20 percent reserves and has excess reserves of $40 000. What is the maximum amount of additional loans that the bank can extend?

Question 39 options:

$200 000

$40 000

$32 000

$8 000

Question 40(1 point)

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Which one of the following would be the most appropriate stabilization policy if the economy is operating beyond its long-run potential capacity?

Question 40 options:

an increase in government purchases, holding taxes constant

a reduction in taxes, holding government purchases constant

an increase in the bank rate

a purchase of bonds by the Bank of Canada

Question 41(1 point)

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What would be the impact of reducing existing tariffs on tomatoes?

Question 41 options:

It would reduce exports of tomatoes.

It would increase Canadian consumption of domestically produced tomatoes

It would increase imports of foreign-produced tomatoes.

It would decrease total Canadian consumption of tomatoes.

Question 42(1 point)

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Other things being equal, if you took money out of your savings deposit account and put it in a demand deposit account, what would be the effect on the money supply?

Question 42 options:

M2+ would increase

M2+ would NOT change.

M2 would decrease

M2+ would decrease.

Question 43(1 point)

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In a bid to get re-elected, politicians decide to decrease taxes when there is an inflationary gap. As a result, what action might the Bank of Canada decide to take?

Question 43 options:

sell government securities to the chartered banks

increase the money supply

buy government securities from the general public

reduce the bank rate