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Questions and Answers
Which of the following is NOT a key question in economics?
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?
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)?
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?
What are the crucial inputs for production?
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What does the production function relate?
What does the production function relate?
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