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eco 2302 final exam with complete solutions 2024_2025
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eco 2302 final exam with complete solutions 2024_2025
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eco 2302 final exam with completesolutions 2024/2025
the field of macroeconomics developed when economists looked for causes of: -
ANSWER-the Great Depression
Most economists who have studied it believe that the Great Depression was
caused by: - ANSWER-Poor economic policy making
the degree to which people have access to goods and services that make their
lives easier, healthier, safer, and more enjoyable is called the: - ANSWER-
standard of living
If total output increases from $1 trillion to $2 trillion as population increases from
100 million to 200 million, then, output per person: - ANSWER-remains constant.
Average labor productivity equals: - ANSWER-output per employed worker.
The country of Southland produced $2,000 billion of output in one year. The
population of Southland was 100 million, of whom 60 million were employed.
What was the average labor productivity in Southland? - ANSWER-$33,333
Output per worker must be ____________ output per person. - ANSWER-greater
than or equal to
If average labor productivity increases while population and the number of
employed workers remain constant, then total output: - ANSWER-increases
A particularly severe recession is called a(n): - ANSWER-depression
, The unemployment rate in the United States at the peak of the Great Depression
was _________ percent. - ANSWER-25
A trade deficit occurs when: - ANSWER-exports are less than imports.
The Federal Reserve makes decisions regarding _________ policy while
Congress makes decisions regarding _______ policy. - ANSWER-Monetary; Fiscal
When government revenue exceeds government spending, the nation has a: -
ANSWER-government budget surplus.
A decrease in the federal income tax is an example of __________ policy. -
ANSWER-fiscal
The most commonly used measure of an economy's output is: - ANSWER-gross
domestic product.
If an automobile manufacturer pays $200 for a car windshield, $400 for four car
tires, $100 for a car radio, and sells cars made with these parts for $20,000, then
each car the automobile manufacturer sells contributes how much to GDP? -
ANSWER-$20,000
What is a fiscal policy? - ANSWER-•Decisions that determine the government's
budget, including the amount and composition of government expenditures and
government revenues.
What is a structural policy? - ANSWER-•Government policies aimed at changing
the underlying structure, or institutions, of the nation's economy.
What is Gross Domestic Product (GDP)? - ANSWER-Is the market value of final
goods and services produced in a country in a given period of time.
What is the GDP formula? - ANSWER-Y(GDP)= C(consumption expenditure)
+I(investment)+G(govt purchases)+NX(net exports)
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