“� � � Question 1 4 out of 4 points � � � � � � Given the amounts of resources available for an economy, GDP Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 2 4 out of 4 points � � � � � � A three-year-old learns about the fundamental economic problem when she Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 3 4 out of 4 points � � � � � � Which of the follow best describes human wants and desires? They Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 4 4 out of 4 points � � � � � � Which of the following is the primary goal of an economy? Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 5 4 out of 4 points � � � � � � Real per capita GDP is defined as Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 6 4 out of 4 points � � � � � � The fundamental economic problem involves Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 7 4 out of 4 points � � � � � � When comparing the performance of economies in terms of the average well-being of their inhabitants, which measure is most appropriate? Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 8 4 out of 4 points � � � � � � The fundamental economic problem is Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 9 4 out of 4 points � � � � � � A production possibilities curve represents all of an economy’s combinations for production that are Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 10 4 out of 4 points � � � � � � The means for satisfying wants are Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 11 4 out of 4 points � � � � � � If education and food are the two goods that society can produce, an increase in the production technology for food will result in Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 12 4 out of 4 points � � � � � � If an economy is experiencing unemployment, it is operating at a point Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 13 4 out of 4 points � � � � � � If a country’s GDP increases from $1m to $2m at the same time prices increase by half (50%), real GDP will Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 14 4 out of 4 points � � � � � � To correct for inflation, GDP numbers must be converted using the price level in a given year known as the Answer � � � � � � � � � � � � � � � � � � � � � � � “� � � Question 15 4 out of 4 points � � � � � � The quality of the labor force is often measured by Answer
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