September 2023 1 To correct for inflation GDP numbers must be converted using the price level

2024 To correct for inflation, GDP numbers must be converted using the price level in a given year known as the Assignment Help

1 To correct for inflation GDP numbers must be converted using the price level 2023

1)To correct for inflation, GDP numbers must be converted using the price level in a given year known as the Answer [removed] Base year [removed] Real year [removed] Current year [removed] Constant year [removed] Inflation year 2) A production possibilities curve represents all of an economy’s combinations for production that are Answer [removed] Unattainable [removed] Possible and Efficient [removed] Attainable [removed] Inefficient [removed] Desirable Question 3 Which of the following is a technique used to determine the optimal level of an economic activity? Answer [removed] Cost/benefit analysis [removed] Production possibilities curve analysis [removed] GDP analysis [removed] Opportunity cost analysis Question 4 The bow shape of the production possibilities curve reflects Answer [removed] The opportunity cost concept [removed] The concept of increasing opportunity costs [removed] The concept of diminishing marginal returns [removed] The marginal social cost/marginal social benefit principle Question 5 Real per capita GDP is defined as Answer [removed] Population/real GDP [removed] GDP/population [removed] Real GDP/price index [removed] Real GDP/population [removed] Price index/GDP Question 6 Marginal social cost refers to the Answer [removed] Cost incurred due to an action undertaken by society [removed] Total expenditures by society on a good like a public park [removed] Cost borne by society when 1 more unit of a good is produced [removed] Cost to society of sub-standard production [removed] Cost to society when an additional unit of a social good is produced Question 7 If population in a country falls while GDP stays the same, the country’s Answer [removed] Real GDP falls [removed] Real GDP rises [removed] Per capita GDP rises [removed] Per capita GDP falls [removed] Welfare falls Question 8 With private property rights, the decision about how to use resources are made by Answer [removed] The government [removed] Private firms [removed] Individual resource owners [removed] Resource committees Question 9 The know-how and the means and methods of production available in an economy are known as Answer [removed] Technology [removed] Capital [removed] Human capital [removed] Labor [removed] Management Question 10 The purpose of a base year when constructing a price index is: Answer [removed] Showing how the output values rise from year to year [removed] Encourage inflation [removed] Providing a means to compare the economy’s output across different time periods [removed] To show why expenditures on government goods and services need to increase [removed] Indicate the progress in keeping prices low Question 11 Economic reasoning would not be necessary if Answer [removed] Our wants were limited [removed] Resources were expansive [removed] Scarcity were decreased [removed] We could have everything we wanted [removed] Politicians were better at running the economy Question 12 The fundamental economic problem involves Answer [removed] Overpopulation [removed] Inflation and unemployment [removed] Scarce resources and unlimited wants [removed] Cheap foreign labor [removed] Supply and demand Question 13 Labor resources include Answer [removed] The equipment workers use to complete their work [removed] Only non-management personnel [removed] Any efforts of a person to produce goods [removed] Only the physical efforts of an economy’s people Question 14 A country can shift out its production possibilities curve by Answer [removed] Improving its technology [removed] Shifting its production from one good to another [removed] Experiencing a population drop [removed] Using its farmland more productively Question 15 The means for satisfying wants are Answer [removed] Insatiable [removed] Unlimited [removed] Infinite [removed] Scarce [removed] Unavailable

#write essay #research paper #blog writing #article writing #academic writer #reflective paper #essay pro #types of essays #write my essay #reflective essay #paper writer #essay writing service #essay writer free #essay helper #write my paper #assignment writer #write my essay for me #write an essay for me #uk essay #thesis writer #dissertation writing services #writing a research paper #academic essay #dissertation help #easy essay #do my essay #paper writing service #buy essay #essay writing help #essay service #dissertation writing #online essay writer #write my paper for me #types of essay writing #essay writing website #write my essay for free #reflective report #type my essay #thesis writing services #write paper for me #research paper writing service #essay paper #professional essay writers #write my essay online #essay help online #write my research paper #dissertation writing help #websites that write papers for you for free #write my essay for me cheap #pay someone to write my paper #pay someone to write my research paper #Essaywriting #Academicwriting #Assignmenthelp #Nursingassignment #Nursinghomework #Psychologyassignment #Physicsassignment #Philosophyassignment #Religionassignment #History #Writing #writingtips #Students #universityassignment #onlinewriting #savvyessaywriters #onlineprowriters #assignmentcollection #excelsiorwriters #writinghub #study #exclusivewritings #myassignmentgeek #expertwriters #art #transcription #grammer #college #highschool #StudentsHelpingStudents #studentshirt #StudentShoe #StudentShoes #studentshoponline #studentshopping #studentshouse #StudentShoutout #studentshowcase2017 #StudentsHub #studentsieuczy #StudentsIn #studentsinberlin #studentsinbusiness #StudentsInDubai #studentsininternational