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Which one of the following statements is correct?
A. A. Most production possibilities curves illustrate decreasing marginal opportunity costs.
B. B. Relative scarcity is no longer a central idea in economics because we are in an age of abundance.
C. C. The production possibilities curve shows society's preferences for consumer goods relative to capital goods.
D. D. The central concept underlying the production possibilities curve is that of limited resources.
A government subsidy to the producers of a product:
A. A. reduces product supply.
B. B. increases product demand
C. C/ increases product supply.
D. D/ reduces product demand.
If the price of DVD players decreases, we can expect that the demand for DVDs will:
a. A. increase.
b. B. be unaffected.
c. C/ shift left.
decD. Decrease
Which of the following is assumed in constructing a typical production possibilities curve?
a. the economy is engaging in international trade.
b. production technology is fixed.
c. the economy is using its resources inefficiently.
d. resources are perfectly shiftable (equally efficient) among alternative uses.
A system of private property rights
A. A.enhances economic growth by creating incentives to the Fed to maintain stable prices.
B. B. enhances economic growth by increasing the probability that a person can gain from making investments today.
C. C. retards economic growth by serving the interests of the wealthy only.
D. D. retards economic growth by limiting the options of people who own nothing.
An increase in growth rates will cause the production possibilities curve to
a. A. shift inward.
b. B. become steeper.
c. C. become flatter.
D. d. shift outward.
If population growth is greater than the growth of real output,
A. A. real per capita Gross Domestic Product (GDP) growth will be less than the growth of real Gross Domestic Product (GDP).
B. B. the production possibilities curve is shifting to the left.
C. C. real per capita Gross Domestic Product (GDP) growth will be greater than the growth of real Gross Domestic Product (GDP).
D. D. real per capita Gross Domestic Product (GDP) and real Gross Domestic Product (GDP) will be growing at the same rate.
In general, economists have found that as nations' levels of per capita real Gross Domestic Product (GDP) increase,
A. A. the rate of population growth declines.
B. B. the rate of population growth experiences dramatic increases.
C. C. there is no effect on population growth.
D. D. the rate of population growth increases at the same rate as economic growth.
Explanation / Answer
1) ans : D )The central concept underlying the production possibilities curve is that of limited resources.
as production possibility frontier tells about how much we cn produce give the resources.
2)ans :C )increases product supply.
as subsidy means reducing cost of supplier. So he produces more.
3)ans : A)increase.
By law of demand
4)ans :D)resources are perfectly shiftable (equally efficient) among alternative uses.
this is assumption production possibility curve
5)ans:B) enhances economic growth by increasing the probability that a person can gain from making investments today
As private property right gives sole right for profit.So this will make man investing and which increases growth
6)ans :D)shift outward
as growth inrease means production has increased. so it will sghift outward
7)ans :A) real per capita Gross Domestic Product (GDP) growth will be less than the growth of real Gross Domestic Product (GDP).
this is bcoz as percapita GDP = GDP/population .so if population increase, percapita gdp decreases
8) ans :D. )the rate of population growth increases at the same rate as economic growth.
this is based on empirical research
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