Which of the Following Defines a Population

question 2

Multiple Choice

Which of the following defines a population?

• A) It is any well-defined group of people or things about which researchers want to know something.
• B) It is a well-formed group of people who share the same ethnicity, race, and social status.
• C) It is any well-defined group of people who are related to each other by a common language or religion.
• D) It is a group of people who are spread across the world but would help each other in the time of crisis.
• E) It is any group of things that remain unchanged for a particular time period.

Differentiate between nominal and real GDP and understand the effects of inflation.

Identify the sources of GDP from the perspective of expenditure and income approaches.

Understand the distinction between microeconomics and macroeconomics contexts.

Appreciate the limitations of GDP as a measure of economic well-being and quality of life.

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Definitions:

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is not achievable.

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specific time frame.

Tariff

Tariff is a tax imposed on imported goods and services to regulate trade and to increase government revenue.

International Trade

International trade involving the transfer of goods and services between countries or areas.