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Which of the following best describes cost-benefit analysis? |
A process of maximizing benefits or minimizing costs |
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Which of the following best describes the purpose of using cost-benefit analysis? |
To make decisions and maximize benefits |
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Which of the following is a simple way of describing cost-benefit analysis? |
Making a decision by listing pros and cons |
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Which of the following lists some of the non-monetary factors that are taken into account when doing cost-benefit analysis? |
time and effort |
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Which of the following best explains why any determination of cost must go beyond counting the money involved? |
Calculations of cost and benefit are subjective |
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Which of the following statements accurately describes how costs and benefits are calculated? |
Calculations of cost and benefits are based on personal preferences |
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What is one reason that people want to minimize costs? |
Costs are often bad things that people don’t want to accept |
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Which of the following is true of decisions made using cost-benefit analysis? |
The best decision results in the most benefits with the fewest costs |
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Which of the following is the purpose of economic indicators? |
To judge the overall condition of a particular country’s economy |
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Which of the following helps economists judge the overall condition of a particular country’s economy? |
The measurement of economic indicators |
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Which of the following best describes why economic indicators are useful? |
They help people determine how healthy are country’s economy is |
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A. GDP |
A. value of all goods and services produced in a country B. percentage of able workers without a job C. Increase in the average level of prices D. the rate of growth of residential construction |
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A. Retail Sales |
A. Growth B. Activity C. Inflation D. Inactivity |
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A. Per capita |
A. The average amount of something for each person B. When something is neither growing nor shrinking C. How much prices of goods and services are rising D. How many able workers do not have a job |
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Which of the following shows an economy is stagnating? |
The GDP is neither growing nor shrinking |
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Which of the following shows an economy is growing? |
The GDP is getting bigger |
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Which of the following is happening when the GDP is neither rising nor falling? |
stagnation |
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Which of the following would result in the reduction of GDP? |
Imports increase faster than exports |
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Which of the following would result in an increase in GDP? |
Greater levels of investment |
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Which of the following would not increase GDP? |
More Imports |
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The Consumer Price Index is a way that the u.s. government measures __________. |
inflation |
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The percentage of total workers who are out of work but seeking jobs and willing to work is known as the _______ rate |
unemployment |
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A _________ calculator can be used to find how much something that cost $10 in 1980 would cost today |
inflation |
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Which of the following economic indicators measures of specific type of economic activity? |
retail sales |
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Which of the following economic indicators measures inactivity rather than activity? |
Unemployment rate |
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Which of the following economic indicators does not measure economic growth? |
Unemployment rate |
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Which economic indicator would be most useful for your out how much something you bought today costs ten years ago? |
Consumer Price Index |
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Which of the following economic indicators measures the overall value of goods and services? |
GDP |
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Which of the following economic indicators would be most useful for figuring out how healthy country’s businesses are? |
corporate profits |
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