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Multiple Choice Quiz
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1
Economics is concerned with
A)allocating scarce resources.
B)satisfying wants, which are unlimited.
C)scarcity.
D)making choices.
E)All of the above.
2
Which of the following is a capital resource?
A)an IBM computer.
B)the services of an economist.
C)money.
D)all of the above.
3
The production possibilities curve illustrates the basic principle that:
A)an economy's capacity to produce increases in proportion to population size.
B)if all the resources of an economy are used efficiently, more of one good can be produced only if less of another is produced.
C)an economy will automatically seek that level of output at which all of its resources are employed.
D)the production of more of any one good requires no sacrifice of other goods.
4
Which of the following would shift the PPC for an LDC?
A)technological development.
B)capital accumulation.
C)improvements in the quality of the labor force.
D)all of the above.
5
The expression "There ain't no such thing as a free lunch" refers to what economic concept?
A)diminishing returns.
B)price index numbers.
C)opportunity costs.
D)production possibilities.
6
Per capita real GDP:
A)can be used as a rough measure of a country's standard of living.
B)takes out the effects of price increases.
C)allows comparison of countries with different population sizes.
D)All of the above.
7
To correct a current dollar GDP for inflation:
A)divide GDP in current dollars by the price index for that year.
B)multiply GDP in current dollars by the price index for that year.
C)divide real GDP by the price index for that year.
D)divide current dollar GDP by real dollar GDP.
8
Incomes in LDC's tend to be:
A)more equally distributed than in DC's.
B)almost equally distributed.
C)less equally distributed than in DC's.
D)larger than in DC's.
9
A point below the PPC, indicates
A)inefficiency.
B)all resources are not fully and efficiently employed.
C)the economy could have more of one good without giving up the other.
D)all of the above.





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