ECON 203 Final Exam || with 100% Errorless Solutions.
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Module
ECON 203
Institution
ECON 203
Macroeconomists study? correct answers Economy Wide phenomena
Which of the following statistics is the best single measure of an economy's well being? correct answers GDP
The 3 main concerns of Macro are? correct answers Inflation, Unemployment and output growth
According to the Classical ...
ECON 203 Final Exam || with 100% Errorless Solutions.
Macroeconomists study? correct answers Economy Wide phenomena
Which of the following statistics is the best single measure of an economy's well being? correct
answers GDP
The 3 main concerns of Macro are? correct answers Inflation, Unemployment and output growth
According to the Classical Model, excessive unemployment correct answers could not persist
because wages would fall to eliminate the excess supply of labor
According to the Keynesian model, excessive unemployment correct answers is caused by sticky
wages that do not adjust as fast as prices.
Which of these is a quote by John Maynard Keyes correct answers We are all dead in the long
run
Which of the following is counted in GDP? correct answers None of the above
Expenditures equal income because correct answers for every sale there is a buyer and a seller
Over the last few decades Americans have chosen to cook less at home and eat more at
resturants. This change in behavior, by itself, correct answers increased measured in GDP
Darla, a Canadian citizen, only works in the US. The value added to production from her
employment is correct answers included in US GDP, but not US GNP
Grapes are correct answers counted as an intermediate good only if they are used to produce
another good like wine
A period during which aggregate output falls is known as a(n) correct answers recession
The single largest expenditure component in GDP is correct answers consumption
Using year 1 as the base year, what is real GDP in year 3 correct answers $183.00
Using year 1 as the base year, the real GDP growth rate in year 3 was correct answers 2.81%
Using year 1 as the base year, the GDP deflator in year 3 was correct answers 115.85
Using year 1 as the base year, the rate of inflation in year 3 was correct answers 6.05%
Which US gov agency estimates GDP correct answers BEA
, US GNP is calculated from US GDP by correct answers including income earned by US citizens
abroad and excluding income earned by foreigners in the US
Real GDP correct answers evaluates current production at the prices that prevailed in some
specific year in the past
Which of the following statements about GDP is most accurate correct answers Nominal GDP
values production at current prices, while real GDP values production at constant prices
When economists talk about growth in the economy, they measure that growth with the correct
answers percentage change in real GDP
Inflation is a(n) correct answers increase in the overall price level
From a historical perspective, since 1987, inflation has been correct answers low and steady
Which of the following is a cost of anticipated high inflation correct answers the menu cost of
inflation and the shoe leather of inflation
both A and B
Which US government agency calculates the CPI correct answers BLS
The CPI stands for correct answers the Consumer Price Index
An unanticipated increase in inflation will correct answers benefit debtors
The natural rate of unemployment is generally thought of as the correct answers sum of frictional
unemployment and structural unemployment
Some workers are unemployed because the manufacturing sector is shrinking and the health care
sector is growing. This is an example of correct answers structural unemployment
Which of the following will lead to a long-run growth correct answers Increases in capital stock
and increases in the level of technology
both A and B
Which of the following will lead to long-run growth in the productivity of labor (Y/L) correct
answers Increases in capital stock and Increases in level of technology
both A and B
Using year 1 as the base year, find CPI in year 2 correct answers 108
Using year 1 as the base year, find the rate of inflation in year 3 correct answers 3.70%
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