Total expenditures by society on a good like a public parkCost borne by society when 1 more unit of a good is producedCost to society of sub-standard productionCost to society when an additional unit of a social good is producedQuestion

Total expenditures by society on a good like a public parkCost borne by society when 1 more unit of a good is producedCost to society of sub-standard productionCost to society when an additional unit of a social good is producedQuestion 7If population in a country falls while GDP stays the same, the country’sAnswerReal GDP fallsReal GDP risesPer capita GDP risesPer capita GDP fallsWelfare fallsQuestion 8With private property rights, the decision about how to use resources are made byAnswerThe governmentPrivate firmsIndividual resource ownersResource committeesQuestion 9The know-how and the means and methods of production available in an economy are known asAnswerTechnologyCapitalHuman capitalLaborManagementQuestion 10The purpose of a base year when constructing a price index is:AnswerShowing how the output values rise from year to yearEncourage inflationProviding a means to compare the economy’s output across different time periodsTo show why expenditures on government goods and services need to increaseIndicate the progress in keeping prices lowQuestion 11Economic reasoning would not be necessary ifAnswerOur wants were limitedResources were expansiveScarcity were decreased

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