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Macroeconomics Exam 2 Review NEW VERSION UPDATE ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) 100% PASS SOLUTION /ALREADY GRADED A+
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Macroeconomics Exam 2 Review NEW VERSION UPDATE ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) 100% PASS SOLUTION /ALREADY GRADED A+

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  • February 15, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • macroeconomics exam
  • macroeconomics exam 2 review new versio

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  • Macroeconomics
  • Macroeconomics

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The economy's inflation rate is the - ANSWER>>percentage change in the price
level from the previous period.

The table below pertains to Pieway, an economy in which the typical consumer's
basket consists of 15 bushels of peaches and 10 bushels of pecans.



Price of Peaches

2012 $11 per bushel

2013 $9 per bushel

Price of Pecans

2012 $6 per bushel

2013 $10 per bushel



Refer to Table 24-2. The cost of the basket in 2012 was - ANSWER>>$225



The consumer price index is used to - ANSWER>>monitor changes in the cost of
living over time.



Recent changes in methods used to compute the CPI have made the -
ANSWER>>upward bias in the CPI inflation rate less severe than it used to be.



A country's human capital increases - ANSWER>>if its workers become better
educated or healthier.

, Industrial machinery is an example of - ANSWER>>a factor of production that in
the past was an output from the production process.

physical capital.

something that influences productivity.



If a production function has constant returns to scale, output can be doubled if -
ANSWER>>all of the inputs double.



If a newly elected government takes actions that makes its country's courts more
efficient and less corrupt, then - ANSWER>>producers will have greater
confidence that they will benefit from their efforts.

producers are likely to be more specialized.

buyers and sellers will be more likely to honor contracts.



Productivity - ANSWER>>explains most of the differences in the standard of living
across countries.



In determining living standards, productivity plays a key role - ANSWER>>for both
nations and individuals.



In some countries it is time consuming and costly to establish ownership of
property. Reforms to reduce these costs would likely - ANSWER>>raise real GDP
and productivity.



Investment from abroad - ANSWER>>is a way for poor countries to learn the
state-of-the-art technologies developed and used in richer countries.

is viewed by economists as a way to increase growth.

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