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
[removed]		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
[removed]		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

[removed]		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

[removed]		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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