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ECO 402 Exam 1 || with Complete Solutions.
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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 ...

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  • August 15, 2024
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  • 2024/2025
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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

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