Economics Mcqs

A. A farmer sends his child to agricultural college and the child returns to work on the farm
B. A farmer hires another day laborer
C. A farmer buys another tractor
D. A farmer discovers that it is better to plant in the spring rather than in the fall

A. none of these answers
B. an ever-increasing population is constrained only by the food supply resulting in chronic faminies
C. technological progress will continuously generate improvement in productivity and living standards.
D. labor is the only true factor of production

A. a renewable natural resource
B. physical capital
C. technology
D. a non-renewable natural resource

A. a reduction in current investment
B. a reduction in current consumption
C. a reduction in taxes
D. a reduction in current saving

A. it is doomed to being relatively poor forever
B. none of these answers
C. an increase in capital will likely have little impact on output
D. it has the potential to grow relatively quickly due to the “catch-up-effect”
E. It must be a small nation.

A. real GDP per person
B. nominal GDP per person.
C. Real GDP
D. The growth rate of nominal GDP per person