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ECO 402 Exam 1 || with 100% Accurate Solutions.
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Macroeconomics is A.The study of larger topics than Microeconomics B.The study of money in the current policy environment C.The study of large corporations D.The study of how best to use our scarce resources in the aggregate correct answers D. The market value of all final goods and service...

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  • August 15, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • macroeconomics is athe study of larger topics tha

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  • ECO 402
  • ECO 402

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ECO 402 Exam 1 || with 100% Accurate Solutions.
Macroeconomics is
A.The study of larger topics than Microeconomics
B.The study of money in the current policy environment
C.The study of large corporations
D.The study of how best to use our scarce resources in the aggregate correct answers D.

The market value of all final goods and services produced within an economy in a given period
of time is called
A.Industrial Production
B.Gross Domestic Product
C.General Durable Purchases
D.Net Exports plus Government Spending correct answers B.

In an economic model
A.Exogenous variables and endogenous variables are both determined outside the model
B.Exogenous variables and endogenous variables are both determined inside the model
C.Exogenous variables affect endogenous variables
D.Endogenous and exogenous variables are parameters correct answers C.

The definition for total output Y (GDP) is
A.Y = C + I + G + NX
B.Y = KaL1-a - I
C.Y = C + I - G
D.Measured on the vertical axis correct answers A.

The underground economy
A.Is included in GDP
B.Includes only illegal activities
C.Includes domestic workers for whom Social Security tax is not collected
D.Excludes the illegal drug trade correct answers C.

6.A useful macroeconomic model
A.Is extremely realistic
B.Is as simple as possible
C.Never generates testable hypotheses
D.Provides many intricate details correct answers B

Current macroeconomic models use microeconomic principles because
A.They use the same language for all economists
B.They highlight the cultural and sociological aspects of production
C.The behavior of Economic agents may change when policy or economic conditions change
D.We live in a democratic society correct answers C

A macroeconomic variable is PROcyclical if

, A.It grows faster than GDP
B.Its deviations from trend generally change before GDP changes
C.Its deviations from trend move in the same direction as changes in GDP
D.It can be used to promote business cycles correct answers C.

The idea that an improvement in technology causes an increase in the population size but no
increase in the standard of living is attributable to
A.Friedman
B.Keynes
C.Hayek
D.Malthus correct answers D.

Recently, countries with higher per capita income have tended to have
A.Higher GDP growth rates than poor countries
B.Lower GDP growth rates than poor countries
C.No tendency to grow faster or slower than poor countries
D.Higher variance among their growth rates correct answers C

In the Production Function Y = A F(K,L), A is
A.The x-Factor
B.The marginal output of labor
C.Total Factor Productivity
D.Profit maximization of the representative firm correct answers C

Which of these is a typical property of the production function
A.Constant returns to scale
B.The marginal product of labor increases as the labor input decreases
C.The marginal product of capital increases as the labor input increases
D.All of the Above correct answers D

Define the Golden Rule level of capital
A.The level of capital (or savings rate) that supports a steady state in which consumption is at its
highest
B.14
C.The profit maximizing choice of the representative firm
D.The policy-makers objective correct answers A

Variables that a macroeconomic model takes as given are called
A.Exogenous or Parameters
B.Endogenous
C.Market clearing
D.Micro-founded correct answers A

Real GDP means that GDP is measured in
A.Current prices
B.Actual prices

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