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ECC 322 Final Exam With Complete Solutions..
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10/14/24, 10:51 PMECC 322 Final Exam
Jeremiah
Terms in this set (147)
A new tariff imposed by the US gov't on will increase the price of tires in the US
tires
President Trump recently imposed tariffs those US beer companies who use aluminum to produce the cans
on aluminum. Who is complaining?
Overall, will a country show net gain after it No, they will motivate businesses to keep resources in inefficient industries and raise
imposes trade barriers? prices
the WTO is ____ an international entity that works to reduce trade barriers
A characteristic of something seen in a private neighborhood security services
pure market economy is:
Suppose Country X's level of gov't Country Y, because a lower level of gov't spending suggests that more of the nation's
spending is 55% of its GDP. Country Y's property is regulated by market forces.
level of gov't spending as a percentage of
its GDP is 35%. Which is more market
oriented?
The European university system where only those students with the strongest test
Which is the best example of efficiency?
scores are accepted into college
Suppose there is a surplus of strawberries decrease, decrease, decrease
in a market economy. We expect the
response to the surplus to be that the price
of strawberries will ____ , the amount
produced will ____ , and the amount of
resources allocated into strawberry
production will __ _.
What happens to umbrella prices when the Rise, fall
demand for umbrellas rises? Prices will ____.
What happens to soybean prices when the
supply of soybeans rises? Prices will ____.
ECC 322 Final Exam
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, 10/14/24, 10:51 PM
Name at least one major goal of the Dodd- to increase protections for consumers who borrow and invest.
Frank Act.
Cause (s) of the Great Recession include: Persistent, excess supply of residential housing.
What happened in 2008-09? The US dollar strengthened in value, which contributed to a decline in exports
What was the economic impact of the About 9 million jobs were lost in the US
Great Recession?
Which is true? We will always have recessions, which are then followed by expansions
The largest component of GDP in the US is Household spending; business investment
_____, while the most volatile component is
_____.
What was the value of US goods and $19 trillion
services produced in the last 12 months?
Using the above table, is there a recession expansion, because output produced increased
or expansion from 2004 to 2005?
Indicates that countries with solid economic growth combined with slower
Real GDP per capita __ _.
population growth tend to have higher living standards
The difference between GDP and GNP is the value of production in the US- owned IBM plant in South Korea
that US GNP would include ___ , whereas
US GDP would not.
a leading indicator is an economic statistic that moves before the rest of the
Which is true about leading indicators
economy does
Which country currently has the largest United States
total real GDP in the world?
If we calculate the US unemployment rate the unemployment rate will be larger
using the formula which includes
"marginally attached" workers, we will find
that _____
The Establishment Survey provides information on job growth in certain industries and average hourly wages
suppose the number of people who begin the labor force will increase, the unemployment rate will increase, the participation
looking for work jumps by 12 million people rate will increase
in one month. Given that job growth is
steady, what can we expect to happen?
suppose the announcement is made that that the US has a strong labor market
the US has 4.0% unemployment, average
hourly wages are at $34/hour, inflation is
2.1%, the labor participation rate is 77% and
336,000 net new jobs were created for
September 2020. What does this
information reveal?
The unemployment rate ____ will eventually begin the decline, but only after months of solid gains in real GDP
Josh was laid off by his firm when is added No, No
new technology (a robot), which replaced
his position. Since his lay-off, he had
decided to move to Idaho, where he will
look for a job once he has settled in. Using
the official unemployment rate
calculations, is he currently unemployed? Is
ECC 322
he in the laborFinal
force? Exam
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