I am having a hard time finding some of these questions.
if you can help me out. and also give me the source where u retrieved the information from. that would be great! thank you!
1: in the expression Social Welfare= F(U1, ...Ui...Un), Ui stands for:
a- social welfare
b- the happiness or well being of the ith individual
c- the income of the ith individual
d- both B and C
e- none of the above.
2: the best measure of social welfare is:
a- GDP and GNP
b- GNP
c- per capita GDP
d- there is no definitive measure of social welfare that all economists agree is best
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3: Use the following information to answer questions 4- 8.
Given 2002 is the base year. the typical consumer bought $1400 worth of goods each month in 2002. the same monthly purchases cost $2100 today. you earned $150,000 every year from 2002 till today. the CPI last year was 125%. use this information to answer the following questions.
4: the CPI today is:
a- 50%
b- 100%
c- 150%
d- 200%
e- 25%
5- the CPI in 2002 was:
a- 50%
b- 100%
c- 150%
d- 200%
e- 25%
6- your nominal income is:
a- $100,000
b- $150,000
c- $200,000
d- $250,000
7- your real income is:
a- $100,000
b- $150,000
c- $200,000
d- $250,000
8- the rate of inflation today is
a- 20%
b- 25%
c- 50%
d- 100%
e- 200%
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9- Karl Marx believed that:
a- capitalism was evil
b- capitalism created its own grave-diggers.
c- capitalism was worse than feudalism.
d- all of the above.
10- the slope of the production possibilities curve:
a) reflects the cost of producing an extra unit of the good on the horizontal axis.
b- gets steeper as we move from left to right along the curve
c- both A and B
d- neither A nor B
11- the law of increasing relative costs says that as you produce more of a good:
a) eventually the marginal cost of producing that good increases
b- the average cost increases
c- the total cost increases
d- all of the above
e- none of the above
12- one reason the law of increasing relative costs holds is that:
a) resources are transferable
b- technology is fixed
c- resources are specialized
d- it costs more to produce more
e- none of the above
if you can help me out. and also give me the source where u retrieved the information from. that would be great! thank you!
1: in the expression Social Welfare= F(U1, ...Ui...Un), Ui stands for:
a- social welfare
b- the happiness or well being of the ith individual
c- the income of the ith individual
d- both B and C
e- none of the above.
2: the best measure of social welfare is:
a- GDP and GNP
b- GNP
c- per capita GDP
d- there is no definitive measure of social welfare that all economists agree is best
------------------------------------------------------------
3: Use the following information to answer questions 4- 8.
Given 2002 is the base year. the typical consumer bought $1400 worth of goods each month in 2002. the same monthly purchases cost $2100 today. you earned $150,000 every year from 2002 till today. the CPI last year was 125%. use this information to answer the following questions.
4: the CPI today is:
a- 50%
b- 100%
c- 150%
d- 200%
e- 25%
5- the CPI in 2002 was:
a- 50%
b- 100%
c- 150%
d- 200%
e- 25%
6- your nominal income is:
a- $100,000
b- $150,000
c- $200,000
d- $250,000
7- your real income is:
a- $100,000
b- $150,000
c- $200,000
d- $250,000
8- the rate of inflation today is
a- 20%
b- 25%
c- 50%
d- 100%
e- 200%
-----------------------------------------------------------------
9- Karl Marx believed that:
a- capitalism was evil
b- capitalism created its own grave-diggers.
c- capitalism was worse than feudalism.
d- all of the above.
10- the slope of the production possibilities curve:
a) reflects the cost of producing an extra unit of the good on the horizontal axis.
b- gets steeper as we move from left to right along the curve
c- both A and B
d- neither A nor B
11- the law of increasing relative costs says that as you produce more of a good:
a) eventually the marginal cost of producing that good increases
b- the average cost increases
c- the total cost increases
d- all of the above
e- none of the above
12- one reason the law of increasing relative costs holds is that:
a) resources are transferable
b- technology is fixed
c- resources are specialized
d- it costs more to produce more
e- none of the above