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Some examples from this set of practice questions
1.
If the import function is IM = 20 + 0.3Y and income is 100 then how much will be imported?
Answer: 50 (purchase the note in order to see the full detail) - chapter 5
2.
What is the level of GDP called when all the resources are being fully utilized at the normal level?
Answer: Potential GDP
3.
Potential GDP is interchangeable without all except which?
Answer: Long-run demand
4.
_____GDP occurs when there is no cyclical unemployment?
Answer: potential
5.
The production possibilities curve shows what an economy...?
Answer: is capable of producing
6.
What is the economy\'s capacity to produce at full employment better know as?
Answer: Potential GDP
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