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Economists use the scientific method and the tools of economics to study:
 
a. only the decisions of individuals.

b. only the decisions of business firms.

c. only economic growth and gross domestic product (GDP).

d. only the production possibilities curve.

e. anything around them; the world is the economist's laboratory.

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Alice Sejake
Alice SejakeLv10
14 Oct 2020

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Related questions

*********The best answer plus points will go to the person who answers the questions correctly^^^^^ Please provide an explanation to answers..

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.




Economists use Gross Domestic Product (GDP) to measure the economic activity and the national income.

What are the major components of the USA GDP? Explain the contribution of each component to the GDP with data.

What is the difference between real Gross Domestic Product (GDP) and nominal GDP? What is the relationship between the real GDP and the business cycle?

6)
 
An improvement in technology causes the production possibilities frontier (PPF) to
 
  shift to the right.
  pivot upward.
  shift to the left.
  pivot downward.

 

 

 
(7)
 
Which of the following is not shown by the circular flow model?
 
  The flow of resources in one direction and money in the other
  The equality of aggregate spending and aggregate income
  The interaction of households, firms, and the government
  The total amount of goods and services the economy can produce

 

 

 
(8)
 
Gross domestic product (GDP) is defined as
 
  the market value of all final goods and services produced in an economy in a given period of time.
  the market value of all consumption goods and services produced in an economy in a given period of time.
  the market value of all investment goods and services produced in an economy in a given period of time.
  the real value of all investment goods and services produced in an economy in a given period of time.

 

 

 
(9)
 
Real GDP
 
  includes all domestic and foreign transactions.
  includes the dollar value of domestic transactions only.
  tries to isolate the effect of changing output, holding prices constant.
  measures GDP in terms of prices of goods and services produced.

 

 

 
(10)
 
When economists talk about economic growth, they are usually referring to
 
  the percentage change in nominal GDP.
  the percentage change in real GDP.
  the percentage change in nominal investment.
  the percentage change in real investment.

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