Question : 3.3   Economic Growth 1) Which of the following the best definition : 1241425

 

3.3   Economic Growth

 

1) Which of the following is the best definition of economic growth?

A) The investment in capital and consumption goods by an economy

B) The opportunity cost of capital

C) The opportunity cost of consumption

D) Increased development of land and entrepreneurship

E) The sustained expansion of production possibilities

2) The sustained expansion of production possibilities is called

A) economic investment.

B) production expansion.

C) opportunity cost of growth.

D) economic growth.

E) production possibilities.

 

3) Which of the following would most likely cause a country’s production possibilities set to shift outward at every point along the frontier?

A) a decrease in idle capital

B) a decrease in unemployment

C) a technological advance in only one sector of the economy

D) a general technological advance that affects all sectors of the economy

E) none of the above

 

4) Consider a PPF with consumption goods on the horizontal axis and capital goods on the vertical axis. If the country operates on its PPF near its ________ axis, this country ________.

A) vertical; will experience greater economic growth

B) vertical; will not face opportunity costs

C) horizontal; will have a larger chance at economic growth

D) horizontal; faces larger trade offs

E) vertical; is operating at an inefficient point

5) Economic growth depends upon which of the following?

i.Increasing the quantity of labor

ii.Lowering the prices of goods and services

iii.Advancing technology

A) i only

B) ii only

C) iii only

D) i and iii

E) i, ii, and iii

 

6) Economic growth depends upon which of the following?

i.Improving the quality of labor

ii.Technological advancement

iii.Increasing the amount of capital

A) i only

B) ii only

C) iii only

D) i and iii

E) i, ii, and iii

 

7) As an economy grows,

A) its PPF shifts outward.

B) it can eliminate scarcity.

C) the opportunity cost of production will approach 0.

D) the opportunity cost of production will increase.

E) its PPF does not shift; instead, the production point moves from inside the PPF to be closer to the PPF.

8) The opportunity cost of economic growth is

A) 0, because it means an expansion of production possibilities.

B) the decrease in the current production of productive factors.

C) a slower accumulation of human capital.

D) the decrease in the current production of consumption goods.

E) the increase in the nation’s capital stock and/or its technology.

 

9) What is the opportunity cost of economic growth?

A) current period consumption goods

B) current period capital goods

C) land

D) both current period consumption and capital goods

E) both current period capital goods and land

 

10) The above figure shows the PPF for a country that produces computers and computer factories. Which of the following would most likely shift the PPF from PPF0 in one year to PPF1 in the next?

A) Nothing, because the PPF does not shift.

B) Increase the production of computers from 9 million (at point C) to 11 million (at point B).

C) Decrease the production of computers from 11 million (at point B) to 9 million (at point C) and build 9 new computer factories.

D) Increase consumption of both computers and computer factories.

E) Decrease production of both computers and computer factories by moving into the interior of the PPF.

 

11) The above figure shows the PPF for a country that produces computers and computer factories. The nation’s production possibilities frontier is PPF0. At which of the following production points would the economy grow most rapidly?

A) Point A

B) Point B

C) Point C

D) It makes no difference among the three points because they are all production efficient.

E) More information is needed to answer the question.

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more