The Currency in Tinyland Is Called the Oscar

question 25

Multiple Choice

The currency in Tinyland is called the Oscar. In 2015, nominal GDP was 600 Oscars. Real GDP was 500 constant Oscars. The population was 10 persons. The best measure of material well-being for 2015 is

• A) 5,000 constant Oscars per person.
• B) 60 constant Oscars per person.
• C) 50 constant Oscars per person.
• D) 600 Oscars.
• E) 500 constant Oscars.

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Definitions:

Theory of Relativity

A fundamental principle formulated by Albert Einstein that describes the laws of physics as the same for all non-accelerating observers and the speed of light within a vacuum as the same no matter the speed at which an observer travels.

Industrial Psychology

A field of psychology that applies psychological theories and principles to organizations and the workplace environment.

Homeostasis

The ability of an open system to maintain a steady state by adapting to changes in its environment.

Throughput

The rate at which input is processed into output in a system, often used in discussing efficiency in production and computer networks.