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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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Darryn D'Souza
Darryn D'SouzaLv10
28 Sep 2019

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