Economics Quiz

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Questions and Answers

Which of the following is NOT a key question in economics?

  • Factors determining total income
  • Equilibrium of supply and demand (correct)
  • Income distribution among factors
  • Purchases in the economy

What does GDP measure?

  • Total output and income (correct)
  • Total output and population
  • Total income and consumption
  • Total population and income

What are the factors that determine total production (GDP)?

  • Savings and investment
  • Government revenue and spending
  • Technology and consumption
  • Capital and labor (correct)

What are the crucial inputs for production?

<p>Capital and labor (D)</p> Signup and view all the answers

What does the production function relate?

<p>Capital, labor, and output (C)</p> Signup and view all the answers

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