“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 1\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Given the amounts of resources available for an economy, GDP\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 2\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd A three-year-old learns about the fundamental economic problem when she\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 3\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Which of the follow best describes human wants and desires? They\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 4\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Which of the following is the primary goal of an economy?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 5\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd Real per capita GDP is defined as\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 6\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd The fundamental economic problem involves\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 7\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd When comparing the performance of economies in terms of the average well-being of their inhabitants, which measure is most appropriate?\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 8\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd The fundamental economic problem is\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 9\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd A production possibilities curve represents all of an economy’s combinations for production that are\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 10\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd The means for satisfying wants are\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 11\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd If education and food are the two goods that society can produce, an increase in the production technology for food will result in\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 12\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd If an economy is experiencing unemployment, it is operating at a point\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 13\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd If a country’s GDP increases from $1m to $2m at the same time prices increase by half (50%), real GDP will\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 14\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd To correct for inflation, GDP numbers must be converted using the price level in a given year known as the\tAnswer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \u00a0\t“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 15\t4 out of 4 points\t \ufffd \ufffd \ufffd \u00a0\t \ufffd \ufffd \ufffd The quality of the labor force is often measured by\tAnswer<\/p>\n","protected":false},"excerpt":{"rendered":"
“\ufffd \ufffd \ufffd\u00a0\u00a0 Question 1 4 out of 4 points \ufffd \ufffd \ufffd \u00a0 \ufffd \ufffd \ufffd Given the amounts of resources available for an economy, GDP Answer \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0 \ufffd \ufffd \ufffd \u00a0 \ufffd \ufffd \ufffd Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-210743","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/210743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=210743"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/210743\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=210743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=210743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=210743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}