Exam 1: Alleviating Human Misery: The Role of Economic Reasoning

GDP measures the market value of all final goods and services produced within an economy during a time period,regardless of who owns the resources used in production.

The "brain drain" refers to the deterioration of educational attainment in less developed countries due to poor nutrition and sanitation.

A broad-based education is generally ineffective in improving the quality of a country's labor forcE.

The Following Questions Refer to the graph below. -The movement from curve (a)to curve (b)suggests

In developing countries,reductions in the death rate usually lag behind reductions in the birth ratE.

The marginal social cost of a movement along a production possibilities curve is the same as the opportunity cost of the movE.

If education and food are the two goods that society can produce,an increase in the production technology for food will result in

The well-being of LDCs,as measured by per capita real GDP,is probably overstated due to

The major function of the Federal Reserve Bank is to provide low interest loans to LDCs.

The governments of developed countries will not help LDCs develop by providing them with capital and technical assistance because LDCs must learn to develop on their own.

Which of the following is an example of social infrastructure?

A production possibilities curve represents all of an economy's combinations for production that are

The Following Questions Refer to the graph below. -For Mary Ann,the opportunity cost of 100 coconut cream pies is equal to how many grass huts?

Income inequality is a problem faced by the developed countries,as well as the developing countries,of the worlD.

The expression,"There ain't no such thing as a free lunch," only applies to goods,such as cars,not to services,such as health care and education.

Which of the following are potential obstacles to economic development in LDCs?

If Ford Motors shifts all production outside of the U.S.,which of the following is true?

Mineral deposits found in the ground are not considered true resources.

The Following Questions Refer to the graph below. -If Mary Ann decides to swim in the lagoon in the afternoon,instead of working,she will move to a point

A movement along a production possibilities curve will lead to an increase in social well-being,as long as