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

Which of the following is related to poverty in LDCs?

The most important key to improvement in the quality of a country's labor force is

If an economy is experiencing unemployment,it is operating at a point

If the MSC of an additional hour of an activity is greater than the MSB,you should

When analyzing the performance of a single economy over time,which measure is most appropriate?

Current dollar GDP can increase while real GDP decreases.

The term capital as used by an economist

Which of the following policies will NOT contribute to economic development in an LDC?

The purpose of a base year when constructing a price index is:

Economic problems arise because human wants are unlimited and the means available for satisfying them are limiteD.

If data for a series of years shows increases in current dollar GDP,we can assume the economy's output is increasing.

The efficiency of resource usage in LDCs can be improved by all of the following except:

The quality of the labor force is often measured by

Approximately one fifth of the world survives on less than $1 per day.

While per capita GDP is a useful measure of economic well-being,it fails to take into account

Increases in a country's population will always have which of the following effects?

The developed countries are approaching the point at which the wants of their population are fully satisfieD.

Education is an example of a good that is "free," since an improvement in education leads to an outward shift in the production possibilities curvE.

Capital flight from less developed to developed countries tends to offset capital infusions from developed countries.

Economic reasoning would not be necessary if