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

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

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

Answer

[removed]

 

Base year

[removed]

 

Real year

[removed]

 

Current year

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Constant year

[removed]

 

Inflation year

 

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

Answer

[removed]

 

Unattainable

[removed]

 

Possible and Efficient

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Attainable

[removed]

 

Inefficient

[removed]

 

Desirable

Question 3  

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

Answer

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Cost/benefit analysis

[removed]

 

Production possibilities curve analysis

[removed]

 

GDP analysis

[removed]

 

Opportunity cost analysis

Question 4  

The bow shape of the production possibilities curve reflects

Answer

[removed]

 

The opportunity cost concept

[removed]

 

The concept of increasing opportunity costs

[removed]

 

The concept of diminishing marginal returns

[removed]

 

The marginal social cost/marginal social benefit principle

Question 5  

Real per capita GDP is defined as

Answer

[removed]

 

Population/real GDP

[removed]

 

GDP/population

[removed]

 

Real GDP/price index

[removed]

 

Real GDP/population

[removed]

 

Price index/GDP

Question 6  

Marginal social cost refers to the

Answer

[removed]

 

Cost incurred due to an action undertaken by society

[removed]

 

Total expenditures by society on a good like a public park

[removed]

 

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

[removed]

 

Cost to society of sub-standard production

[removed]

 

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

[removed]

 

Real GDP falls

[removed]

 

Real GDP rises

[removed]

 

Per capita GDP rises

[removed]

 

Per capita GDP falls

[removed]

 

Welfare falls

Question 8  

With private property rights, the decision about how to use resources are made by

Answer

[removed]

 

The government

[removed]

 

Private firms

[removed]

 

Individual resource owners

[removed]

 

Resource committees

Question 9  

The know-how and the means and methods of production available in an economy are known as

Answer

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Technology

[removed]

 

Capital

[removed]

 

Human capital

[removed]

 

Labor

[removed]

 

Management

Question 10  

The purpose of a base year when constructing a price index is:

Answer

[removed]

 

Showing how the output values rise from year to year

[removed]

 

Encourage inflation

[removed]

 

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

[removed]

 

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

[removed]

 

Indicate the progress in keeping prices low

Question 11  

Economic reasoning would not be necessary if

Answer

[removed]

 

Our wants were limited

[removed]

 

Resources were expansive

[removed]

 

Scarcity were decreased

[removed]

 

We could have everything we wanted

[removed]

 

Politicians were better at running the economy

Question 12  

The fundamental economic problem involves

Answer

[removed]

 

Overpopulation

[removed]

 

Inflation and unemployment

[removed]

 

Scarce resources and unlimited wants

[removed]

 

Cheap foreign labor

[removed]

 

Supply and demand

Question 13  

Labor resources include

Answer

[removed]

 

The equipment workers use to complete their work

[removed]

 

Only non-management personnel

[removed]

 

Any efforts of a person to produce goods

[removed]

 

Only the physical efforts of an economy’s people

Question 14

 

A country can shift out its production possibilities curve by

Answer

[removed]

 

Improving its technology

[removed]

 

Shifting its production from one good to another

[removed]

 

Experiencing a population drop

[removed]

 

Using its farmland more productively

Question 15  

The means for satisfying wants are

Answer

[removed]

 

Insatiable

[removed]

 

Unlimited

[removed]

 

Infinite

[removed]

 

Scarce

[removed]

 

Unavailable

 


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