Econ 102 - Study guides, Class notes & Summaries

Government purchases include all of the following EXCEPT: -The construction of a new courthouse built by the state government - The salary paid to a high school teacher employed by a local public school catchment - welfare benefits paid by the federal government -The purchase of new military hardware by the Australian Defense Forcewelfare benefits paid by the federal government Real GDP measures the _______________ of production. -. Current market value - Change in the volume - Physi...

Econ 102 quiz 4 Question 1 of 10 10.0/ 10.0 Points The supply of money in the U.S. economy is determined primarily by A. decisions made by the Federal Reserve and the U.S. Treasury. B. the actions of the Federal Reserve and the banking system. C. consumers and the banking system. D. the demand for money in the economy. Answer Key: B Question 2 of 10 10.0/ 10.0 Points One of the essential functions that a bank performs is A. purchasing government bonds. B. creating deposits by lending required re...

The production possibilities frontiers in the figure to the right show how many bananas and coconuts you (Y) and your neighbor (N) can consume without trade. Suppose you are initially consuming 10 bananas and 4 coconuts and your neighbor is initially consuming 6 bananas and 8 coconuts. Now, suppose you and your neighbor specialize by each only producing the good for which you have a comparative advantage. You give your neighbor half of your production for half of what he produces. (Ent...

Econ 102 Exam 1 WSU Latest 2023 Graded A opportunity cost sacrifice the value of the output the person would have contributed to the civilian economy. The value of the sacrificed alternative is called the opportunity cost of an activity. Resources 1. Land includes natural resources, such as mineral deposits, oil, natural gas, water, and actual land acreage. 2. Labor is the effort of workers. 3. Physical capital is manufactured items used to produce other goods and services. 4. Human capital...

Econ 102 UPDATED Actual Exam Questions and CORRECT Answers circular flow - CORRECT ANSWER- aggregate production=aggregate earnings= aggregate spending supply= demand at aggregate level GDP - CORRECT ANSWER- total market value of all final market goods and services nationally within a yr. Consumption expenditures, private investment expenditures, gov. purchases, net exports

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

Econ 102 Quiz 1 Updated 2023 Questions and Answers

The point where economic activity bottoms out in a full business cycle is known as:The point where economic activity bottoms out in a full business cycle is known as the trough. The low point in a business cycle which precipitates a period of economic growth is known as the trough. A recession is the entire period of time where real GDP is falling. The phrase pre-expansion is not commonly used. One of the primary goals of most governments with regard to the economy is:One of the prim...

PSU Econ 102 Exam 1 Latest Update Actual Exam from Credible Sources with 115 Questions and 100% Verified Correct Answers Guaranteed A+ Verified by Professor