Chapter 2 Review Questions

Chapter 2 Review Questions - Review Questions 1. The...

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Review Questions Chapter 2 1. The productive resource that includes work time and work effort is called a. land. b. labor. c. capital. d. entrepreneurship. Answer: b 2. The factors that influence economic growth are a. higher prices, lower unemployment, and higher GDP. b. technological change, expansion of human capital, and capital accumulation. c. lower prices, higher unemployment, and technological change. d. expansion of human capital, capital accumulation, and lower unemployment. Answer: b 3. Refer to the above diagram. The direct economic impact of the destruction and loss of lives caused by the terrorist attacks of September 11, 2001 is illustrated by the: a. shift of the production possibilities curve from CD to AB. b. shift of the production possibilities curve from AB to CD. c. move from x to y on production possibilities curve AB. d. move from y to x on production possibilities curve AB. Answer: a 1
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Review Questions Chapter 2 4. Refer to the above diagram. As it relates to production possibilities analysis, the law of increasing opportunity
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This note was uploaded on 02/12/2010 for the course ECON 201 taught by Professor Wana during the Spring '08 term at University of Iowa.

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Chapter 2 Review Questions - Review Questions 1. The...

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