Chapter 1+2 Revision KTEE203.3

Chapter 1+2 Revision KTEE203.3

University

10 Qs

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Chapter 1+2 Revision KTEE203.3

Chapter 1+2 Revision KTEE203.3

Assessment

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Business

University

Practice Problem

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Nguyễn FTU

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a factor of production?

a.     A want

b.     A bank

c.    A bond

d.    Capital

e.    Stock

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  Which of the following describes scarcity?

Wants are limited

Wants exceed resources

Resources are unlimited

Resources are fully employed

Resources are allocated efficiently

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All societies face a trade-off for every decision for which of the following reasons?

A decision entails zero opportunity cost

Resources are scare

Some resources are always unemployed

Resources have no alternative uses

Resources are not allocated efficiently

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The circular flow model illustrates the equality of which of the following?

Total expenditure and total income

Savings and consumption

Total income and government spending

Total expenditure and wages

Exports and imports

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GDP does not account for which of the following?

The value added by all firms in the economy

The depletion of natural resources

Wages, rent, profit and interest payments

The value of final goods and services produced domestically

Imports from foreign countries

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following transactions will be included in the calculation of country X’s Gross Domestic Product (GDP) in 2022?

The sales of corporate stocks

The exchange of a used automobile for a used boat

The purchase of new construction equipment

Social security checks received by retirees

Carrots grown in a household’s backyard and consumed by the family

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As a measure of economic performance, GDP accounts for which of the following?

Used books donated to a local library

Depletion of durable consumer goods

Increased leisure time

Souvenir gifts purchased by tourists domestically

Cash transaction in the underground economy

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