Biology Forums - Study Force

A bowed Production Possibilities Curve (PPC) indicates
 
  A) inefficient production.
  B) that the trade-off between the 2 goods is not constant.
  C) changing technology.
  D) only 1 good is always being produced.

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Ques. 2

The relationship between a change in the price of a complementary good and demand for another complementary good is
 
  A) positive.
  B) negative.
  C) inconclusive.
  D) zero.

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Ques. 3

According to the bounded rationality hypothesis, an individual confronting a large number of complicated choices is most likely to respond by
 
  A) using a simple rule of thumb to choose among a subset of easiest-to-evaluate options.
  B) using the ceteris paribus assumption to assist in simplifying and examining each of the possible options.
  C) utilizing readily available empirical evidence to assist in evaluating every option.
  D) assessing every available choice by developing sophisticated theories regarding each option.

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Ques. 4

Queuing is a way to ration goods
 
  A) on a first-come, first-serve basis.
  B) through prices.
  C) through the use of political power.
  D) through markets.

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Ques. 5

The reason that differences in economic growth rates are important in the long run is that
 
  A) growth compounds over time.
  B) population naturally shrinks in most countries.
  C) real GDP usually drops when adjusted for inflation.
  D) nominal GDP typically increases faster than real GDP.

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Ques. 6

Governments have to rely on taxes for financing because
 
  A) they cannot borrow unlimited amounts.
  B) they usually spend all of the gold reserves.
  C) gold prices have fallen steadily over the years.
  D) they are not allowed to sell bonds.

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Ques. 7

The percentage of the noninstitutionalized working-age individuals who are employed or seeking work is known as
 
  A) the labor force.
  B) the labor force participation rate.
  C) discouraged worker.
  D) the stock of employed and unemployed workers.

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Ques. 8

If external benefits are taken into account in the market
 
  A) the demand curve would shift to the left.
  B) the supply curve would shift to the left.
  C) the demand curve would shift to the right.
  D) the supply curve would become vertical.

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Ques. 9

A ad valorem sales tax can be thought of as
 
  A) a proportional tax.
  B) not part of the tax base.
  C) a revenue source for county governments only.
  D) none of the above.

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