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Econ 102 Quiz 4 UPDATED Actual Exam Questions and CORRECT Answers
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Econ 102 Quiz 4 UPDATED Actual Exam Questions and CORRECT Answers macroeconomics - CORRECT ANSWER- -study of an entire economy -less theoretical than micro -more empirical -aka business economics two main goals of macroeconomics - CORRECT ANSWER- -measure the health of the overall economy...

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  • September 21, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • econ 102 quiz 4
  • econ 102
  • econ

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  • Econ 102
  • Econ 102

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Econ 102 Quiz 4 UPDATED Actual Exam
Questions and CORRECT Answers
macroeconomics - CORRECT ANSWER✔✔- -study of an entire economy
-less theoretical than micro
-more empirical
-aka business economics


two main goals of macroeconomics - CORRECT ANSWER✔✔- -measure the health of the
overall economy
-fix problems when they arise


three macroeconomic goals that all countries have - CORRECT ANSWER✔✔- -consistent
economic growth (GDP)
-low unemployment
-stable prices (low inflation)


GDP - CORRECT ANSWER✔✔- -the dollar value of all final goods and services produced
within a country's borders in one year
-expenditure = income


final goods - CORRECT ANSWER✔✔- -GDP does not include the value of intermediate
goods, which are goods used in the production of final goods and services


NOT counted for GDP - CORRECT ANSWER✔✔- -intermediate goods
-non-production transactions (buying used backs, an "old" house, stocks/bonds, etc)
-illegal or black market activities
-household production (fixing your sink yourself)
-inventory (counts the year you make the product, not their you sell the product)


Calculating GDP - CORRECT ANSWER✔✔- -expenditure approach

, -income approach
-factor payment approach


expenditure approach - CORRECT ANSWER✔✔- -add up all spending on final goods and
services produced in a year
-CIGXn


income approach - CORRECT ANSWER✔✔- -add up all income earned in a year
-rent, wages, interest, profits
-business taxes, depreciation, and foreign income
-based on the resource/factor market in circular flow model
-not as accurate as the expenditure approach


factor payment approach - CORRECT ANSWER✔✔- -adds up the value of all money
income paid by firms to households (in the form of rents, wages, profits and interest) for
providing firms with land, capital, labor and entrepreneurship


value-added approach - CORRECT ANSWER✔✔- -subtracts the cost of all intermediate
goods that firms buy as inputs


GNP - CORRECT ANSWER✔✔- -gross national product
-total output supplied by the resource owned by people from a country, regardless of where
those resources are located


Net Factor Foreign Income - CORRECT ANSWER✔✔- -payments made from and to the
owners of that factor
-corporate profits earned abroad minus corporate profits earned domestically by foreign
owners
-Remittances by foreign nationals sent abroad minus remittances by domestic nationals
returned to the home country


nominal GDP - CORRECT ANSWER✔✔- -measured in current prices

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