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con 2301 Exam 2024| Questions with 100% Solutions/Verified Answers
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econ 2301 Exam 2024| Questions with100% Solutions/Verified Answers
When demand increases, the equilibrium price _________ and the equilibrium
quantity __________. - ANSWER rises; increases
International trade arises from - ANSWER comparative advantage
Gross domestic product is a measure of the total value of all - ANSWER final goods
and services produced in an economy over a period of time
GDP does not directly include intermediate goods because - ANSWER that would
count the intermediate goods twice
GDP equals - ANSWER C + I + G + (X - M)
An increase in the price level is defined as - ANSWER inflation
If the CPI is 120 this means that - ANSWER prices are 20 percent higher than in
the reference base period
, Using the notation Pt to designate this periods price level and Pt-1 to designate
last periods price level, the formula for measuring the inflation rate from last
period, to this period is - ANSWER [(Pt-Pt-1/Pt-1]x100
Suppose the CPI last year is 121 and the CPI this year is 137. The correct
method to calculate the inflation rate is - ANSWER [137-121)/121] x 100=13.2
The supply of real GDP is a function of - ANSWER the quantities of labor, capital
and the state of technology
An aggregate supply curve depicts the relationship between - ANSWER the price
level and the quantity of real GDP supplied
The aggregate demand curve - ANSWER has a negative slope
All economic questions are about - ANSWER how to cope with scarcity
Fundamental economic problems basically arise from - ANSWER our wants
exceeding our scarce resources
When producing at a production efficient point, - ANSWER we face a tradeoff
and incur an opportunity cost
As an economic concept, scarcity applies to - ANSWER both money and time
Scarcity requires that people must - ANSWER make choices
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