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Econ 203 Exam 1 Detailed Questions And Expert Answers 2024
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Econ 203 Exam 1 Detailed Questions And Expert Answers 2024
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Econ 203 Exam 1 Detailed Questions AndExpert Answers 2024
macroeconomics study - ANS economy- wide phenomena
which of the following statistics is the best single measure of an economy's well
being - ANS GDP
(as stated by the text and my lecture) the 3 main concerns of macro are: - ANS
inflation, unemployment, and output growth
according to the classical model, excessive u employment - ANS could not persist
because wages would fall to eliminate the excess supply of labor
according to the keynesian model, excessive unemployment - ANS is caused by
sticky wages that do not adjust as fast as prices
which of these is a quote by John Maynard Keynes? - ANS "in the long-run, we are
all dead"
which of the following is calculated in GDP
a. the estimates value of housework
b. the value of used goods sold at garage sales
, c. the value of newly issued stocks and bonds
d. none of the above are included in GDP - ANS none of the above are included in
GDP
expenditure equal income because - ANS 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 out
more. This change in behavior, by itself: - ANS increased measured GDP
grapes are - ANS counted as an intermediate good only if they are used to produce
another good like wine
a period dying which aggregate output falls is known as a - ANS recession
the single largest expenditure component in GDP is - ANS consumption
Which government agency estimates GDP - ANS Bureau of economic analysis (BEA)
U.S. GNP is calculated from U.S. GDP by - ANS including income earned by citizens
abroad and excluding income earned by foreigners in the U.S.
real GDP - ANS evaluates current production at the prices that prevailed income
specific year in the past
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