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True or False Quiz
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1
If data for a series of years shows increases in current dollar GDP, we can assume the economy's output is increasing.
A)True
B)False
2
Price index numbers are used to adjust data for inflation.
A)True
B)False
3
An improvement in education will shift the PPC outward.
A)True
B)False
4
If two countries have the same per capita GDP we can be certain that the people in the two countries are equally well-off.
A)True
B)False
5
If an increase in population leads to an increase in nominal GDP, per capita GDP will increase.
A)True
B)False
6
Inefficiency exists when an economy's output combination lies outside its production possibilities curve.
A)True
B)False
7
The fact that resources are rarely perfect substitutes gives the PPC its bowed-out shape.
A)True
B)False
8
Opportunity cost is the value of the next best alternative.
A)True
B)False
9
If expanding an activity leads to a greater increase in MSC than MSB, the expansion will increase social well-being.
A)True
B)False
10
The MSB of a movement along a PPC is the same as the opportunity cost of the move.
A)True
B)False





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