The term “economic growth” refers to increases in A) resources use. B) productive capacity. C) nominal income. D) satisfaction. ANSWER B
Date: September 2nd, 2020
Economic growth is usually defined as A) the increase in output over time, as measured by real per capita Gross Domestic Product (GDP). B) the reduction in the real cost of necessities. C) the rate of increase in output divided by the increase in labor. D) the increase in input availability. ANSWER A
Date: September 2nd, 2020
Unemployment is a A) flow concept. B) both a flow and a stock concept. C) stock concept. D) neither a stock nor a flow concept. ANSWER C
Date: September 2nd, 2020
Suppose that last week 100,000 people lost their jobs or quit. We can say that A) the number of unemployed increased by less than 100,000 people because we should not count those who quit their jobs. B) the 100,000 people represent a stock known as the new unemployed. C) the number of unemployed increased by […]
Date: September 2nd, 2020
Using a production possibilities curve, economic growth is represented by A) an inward shift of the curve. B) an outward shift in the curve. C) a movement along the curve. D) a pivot of the curve. ANSWER B
Date: September 2nd, 2020
In the simple circular flow model, the funds received by a carmaker when it sells a car goes to A) only the owners of the carmaker. B) the owners of all of the resources used to make the car. C) the workers who helped build the car. D) the owners of firms who sold materials […]
Date: September 2nd, 2020
Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents the total monetary value of all goods and services? A) Arrow A B) Arrow B C) Arrow C D) Arrow D ANSWER A
Date: September 2nd, 2020
Economic growth is best measured by increases in A) per capita real Gross Domestic Product (GDP). B) nominal personal income. C) nominal Gross Domestic Product (GDP). D) per capita nominal Gross Domestic Product (GDP). ANSWER A
Date: September 2nd, 2020
Profits A) are a cost of doing business because they are payments to others. B) are not a cost of doing business because they are owed to resource owners. C) are not a cost of doing business because they are often zero or negative. D) are a cost of doing business because entrepreneurs would not […]
Date: September 2nd, 2020
Refer to the above table (all figures in millions). Which country experienced the greatest economic growth from 2014 to 2015? A) A B) B C) C D) D ANSWER B
Date: September 2nd, 2020
