Which country has experience highest GDP growth in recent years? correct answers China
Which country has the largest total annual real GDP? correct answers USA
The relationship between the level of growth of an economic variable, gt, and its level, yt, is best approximated as correct answers ...
ECO 402 Exam 1 || with Complete Solutions.
Which country has experience highest GDP growth in recent years? correct answers China
Which country has the largest total annual real GDP? correct answers USA
The relationship between the level of growth of an economic variable, gt, and its level, yt, is best
approximated as correct answers gt= log yt - log yt-1
For the study of economic growth, it is most helpful to examine movements in ________; for the
study of business cycles, it is most helpful to examine movements in _______. correct answers
Trend GDP; Deviations from trend GDP
Current macroeconomic models use microeconomic principles because... correct answers The
behavior of economic agents changes with policy
Why is Gross Domestic Product not a good measure of aggregate welfare? correct answers GDP
does not include the value of production done in the home
The defining features of business cycles is that they... correct answers Are fluctuations about
trend of real GDP
A macroeconomic variable is PROcyclical if... correct answers Its deviations from trend are
more often of the same sign as the deviations from trend GDP
Macroeconomics is... correct answers The study of how best to use our scarce resources in the
aggregate
The market value of all final goods and services produced within an economy in a given period
of time is called... correct answers Gross domestic product
In an economic model... correct answers Exogenous variables affect endogenous variables
The definition for total output Y (GDP) is correct answers Y = C + I + G + NX
What is GDP not a perfect measure of? correct answers Aggregate (total) welfare
A useful macroeconomic model... correct answers Is as simple as possible
Current macroeconomic models use microeconomic principles because... correct answers The
behavior of economic agents may change when policy or economic conditions change
A macroeconomic variable is procyclical if correct answers Its deviations from trend move in the
same direction as changes in GDP
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
