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