Podcast
Questions and Answers
Which one of the following is not one of the basic economic questions?
Which one of the following is not one of the basic economic questions?
- What to produce
- How to produce
- How to minimize economic growth (correct)
- Who to produce for
The sacrifice involved when you choose a particular course of action is called the:
The sacrifice involved when you choose a particular course of action is called the:
- Opportunity cost (correct)
- Alternative
- Consumer cost
- Producer cost
Human wants are:
Human wants are:
- Always increase over time
- Always fixed
- Can never decrease
- Unlimited (correct)
The free market involves:
The free market involves:
A mixed economy:
A mixed economy:
Which of the following is NOT likely to be true in a command economy?
Which of the following is NOT likely to be true in a command economy?
Which of the following is an example of a macroeconomic issue?
Which of the following is an example of a macroeconomic issue?
What is meant by an 'objective' in economics?
What is meant by an 'objective' in economics?
Which of the following is not part of fiscal policy?
Which of the following is not part of fiscal policy?
Which of the following does the government not control directly?
Which of the following does the government not control directly?
Which of the following is not a macroeconomic issue?
Which of the following is not a macroeconomic issue?
Which of the following can the government not use directly to control the economy?
Which of the following can the government not use directly to control the economy?
Which of the following is a normative statement in economics?
Which of the following is a normative statement in economics?
If an economy is productively efficient, what does it imply?
If an economy is productively efficient, what does it imply?
What determines the combination of products produced in a free market?
What determines the combination of products produced in a free market?
What is the opportunity cost of producing the 5th B if an economy moves from 10 units of A and 4 units of B to 7 As and 5 Bs?
What is the opportunity cost of producing the 5th B if an economy moves from 10 units of A and 4 units of B to 7 As and 5 Bs?
When an economy operates outside the Production Possibility Frontier (PPF), what does it indicate?
When an economy operates outside the Production Possibility Frontier (PPF), what does it indicate?
What may cause an outward shift of the production possibility frontier (PPF)?
What may cause an outward shift of the production possibility frontier (PPF)?
What does Gross National Product equal?
What does Gross National Product equal?
Which of the following measures the standard of living?
Which of the following measures the standard of living?
What does Real national income measure?
What does Real national income measure?
Which type of economics is exemplified by the statement 'Reducing inflation is a more important objective than economic growth'?
Which type of economics is exemplified by the statement 'Reducing inflation is a more important objective than economic growth'?
What does Net National Product equal?
What does Net National Product equal?
Which aspect of the circular flow is considered true in economics?
Which aspect of the circular flow is considered true in economics?
What does GDP measure?
What does GDP measure?
To adjust GDP from market prices to factor cost, you should:
To adjust GDP from market prices to factor cost, you should:
To adjust from Net National Product (NNP) to Gross National Product (GNP), you should:
To adjust from Net National Product (NNP) to Gross National Product (GNP), you should:
The Gini coefficient is a measure of:
The Gini coefficient is a measure of:
A higher GDP per capita may not accurately reflect an improvement in quality of life because:
A higher GDP per capita may not accurately reflect an improvement in quality of life because:
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