1. Which one of these resources is a non-renewable natural resource? Select one:

Question

1. Which one of these resources is a non-renewable natural resource?

Select one:

a. A Wooden House

b. Gold

c. A Chainsaw

d. Livestock (sheep, cows, etc.)

e. Plastic

2.Suppose that in the country of Economia: Net Investment = $30 billion, Gross Investment = $70b, Exports = $50b, Government Expenditure = $80b, Imports = $80b, and GDP = $300 billion. What does Consumption equal in Economia?

Select one:

a. $110 billion

b. $120 billion

c. $150 billion

d. $160 billion

e. $180 billion

3.In 1974 the Organization of Petroleum Exporting Countries drastically cut down the supply of petroleum (a major resource for energy). What had likely to happen to the price level and real GDP as a result?

Select one:

a. The price level and real GDP will both increase

b. The price level and real GDP will both decrease

c. The price level will increase, but real GDP will decrease

d. The price level will decrease, but real GDP will increase

e. The price level increased but there was no effect on GDP

4. If Sweden's GDP doubles every 25 years, what approximately is the annual economic growth rate in Sweden?

Select one:

a. 1.8%

b. 2.5%

c. 2.9%

d. 3.2%

e. 3.7%

Explanation / Answer

1. e Plastic

Plastic is a non renewable natural source.

2. GDP = C+I+G+(E-I)

300 = C + 70 + 80 + (50-80)

C = $180 billion (option e)

3. e. The price level increased but there was no effect on GDP

SInce, supply has decreased, the prices will go up. But demand remains same, so GDP will be unaffected.

4. Let annual growth be x.

So, (1+x)25 = 2

So, x= 2.9% (Option c)

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