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ficient Attainable Inefficient Desirable Question 3 Which of the following is a technique used to determine the optimal level of an economic activity?...

1)To correct for inflation, GDP numbers must be converted using the price level in a given year known as the
Answer

Base year

Real year

Current year

Constant year

Inflation year

2) A production possibilities curve represents all of an economy's combinations for production that are
Answer

Unattainable

Possible and Efficient

Attainable

Inefficient

Desirable
Question 3
Which of the following is a technique used to determine the optimal level of an economic activity?
Answer

Cost/benefit analysis

Production possibilities curve analysis

GDP analysis

Opportunity cost analysis
Question 4
The bow shape of the production possibilities curve reflects
Answer

The opportunity cost concept

The concept of increasing opportunity costs

The concept of diminishing marginal returns

The marginal social cost/marginal social benefit principle
Question 5
Real per capita GDP is defined as
Answer

Population/real GDP

GDP/population

Real GDP/price index

Real GDP/population

Price index/GDP
Question 6
Marginal social cost refers to the
Answer

Cost incurred due to an action undertaken by society

Total expenditures by society on a good like a public park

Cost borne by society when 1 more unit of a good is produced

Cost to society of sub-standard production

Cost to society when an additional unit of a social good is produced
Question 7
If population in a country falls while GDP stays the same, the country's
Answer

Real GDP falls

Real GDP rises

Per capita GDP rises

Per capita GDP falls

Welfare falls
Question 8
With private property rights, the decision about how to use resources are made by
Answer

The government

Private firms

Individual resource owners

Resource committees
Question 9
The know-how and the means and methods of production available in an economy are known as
Answer

Technology

Capital

Human capital

Labor

Management
Question 10
The purpose of a base year when constructing a price index is:
Answer

Showing how the output values rise from year to year

Encourage inflation

Providing a means to compare the economy's output across different time periods

To show why expenditures on government goods and services need to increase

Indicate the progress in keeping prices low
Question 11
Economic reasoning would not be necessary if
Answer

Our wants were limited

Resources were expansive

Scarcity were decreased

We could have everything we wanted

Politicians were better at running the economy
Question 12
The fundamental economic problem involves
Answer

Overpopulation

Inflation and unemployment

Scarce resources and unlimited wants

Cheap foreign labor

Supply and demand
Question 13
Labor resources include
Answer

The equipment workers use to complete their work

Only non-management personnel

Any efforts of a person to produce goods

Only the physical efforts of an economy's people
Question 14

A country can shift out its production possibilities curve by
Answer

Improving its technology

Shifting its production from one good to another

Experiencing a population drop

Using its farmland more productively
Question 15
The means for satisfying wants are
Answer

Insatiable

Unlimited

Infinite

Scarce

Unavailable

1)To correct for inflation, GDP numbers must be converted using the price level in a given year known as the Answer Base year Real year Current year Constant year Inflation year 2) A production possibilities curve represents all of an economy's combinations for production that are Answer Unattainable Possible and Efficient Attainable Inefficient Desirable Question 3 Which of the following is a technique used to determine the optimal level of an economic activity? Answer Cost/benefit analysis Production possibilities curve analysis GDP analysis Opportunity cost analysis Question 4 The bow shape of the production possibilities curve reflects Answer The opportunity cost concept The concept of increasing opportunity costs The concept of diminishing marginal returns The marginal social cost/marginal social benefit principle Question 5 Real per capita GDP is defined as Answer Population/real GDP GDP/population Real GDP/price index Real GDP/population Price index/GDP Question 6 Marginal social cost refers to the Answer Cost incurred due to an action undertaken by society
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Total expenditures by society on a good like a public park Cost borne by society when 1 more unit of a good is produced Cost to society of sub-standard production Cost to society when an additional unit of a social good is produced Question 7 If population in a country falls while GDP stays the same, the country's Answer Real GDP falls Real GDP rises Per capita GDP rises Per capita GDP falls Welfare falls Question 8 With private property rights, the decision about how to use resources are made by Answer The government Private firms Individual resource owners Resource committees Question 9 The know-how and the means and methods of production available in an economy are known as Answer Technology Capital Human capital Labor Management Question 10 The purpose of a base year when constructing a price index is: Answer Showing how the output values rise from year to year Encourage inflation Providing a means to compare the economy's output across different time periods To show why expenditures on government goods and services need to increase Indicate the progress in keeping prices low Question 11 Economic reasoning would not be necessary if Answer Our wants were limited Resources were expansive Scarcity were decreased
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1)To correct for inflation, GDP numbers must be converted using the price level in a given year known as the
Answer
Base year
Real year
Current year
Constant year
Inflation year
2) A production...

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