MULTIPLE CHOICE. Choose the one alternative that best completes the statement or

Question

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) An outward shift of the production possibilities curve represents 1) A) economic recession. C) economic contraction. B) economic inflation. D) economic growth. 2) There are a number of benefits that usually accompany economic growth. The following are such 2) benefits EXCEPT A) urban congestion. C) political stability B) increased expected life-spans. D) increase in literacy 3) Which of the following is NOT an important factor affecting economic growth? A) the rate of growth in labor productivity C) the rate of growth of capital B) the rate of saving D) the growth of leisure 4) Which of the following statements is NOT true about economic growth? A Growth generally means that overall the members of the nation are better off materially. B) Growth is measured as the overall level of real GDP C) Growth represents an increase in a nation's productive capacity. D) When growth occurs the production possibilities curve shifts outward. 5) Labor productivity can best be calculated as A) number of workers /hours of work. real wages / hours of work. C) real Gross Domestic Product (GDP)/Gross Domestic Product (GDP) price index. D) real Gross Domestic Product (GDP)/number of workers. 6) Which of the following will cause an increase in economic growth? A) a reduction in the unemployment rate

Explanation / Answer

Ans)

1)
D) economic growth
An outward expansion of the PPF is an indicator of economic growth.
2)
A)urban congestion
Urban congestion is not a benfit of economic growth.
3)
D) The growth of leisure
Leisure is not an important factor which affects economic growth.
4)
A) Growth generally means that overall the members of the nation are better off materially.
Growth means increase in the real growth rate.

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