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PSU Econ 104 Final Exam Questions, Answers, Rationales
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PSU Econ 104 Final Exam Questions, Answers, Rationales
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PSU Econ 104 Final ExamStudy online at https://quizlet.com/_efot7f
1. Which of the following would be an example of a 1, 2, and 3
microeconomic issue? Select all that apply.
1. The federal government of Sweden offers tax cred-
its for individuals to put solar paneling on their
homes.
2. Sandra takes out a loan to invest in a new business
opportunity.
3. A local sandwich shop shuts down during a reces-
sion.
4. None of these are microeconomic issues.
2. True or false: Macroeconomics is the study of the True
economy as a whole which includes topics such as
unemployment, inflation, and overall production.
3. True or false: Microeconomics is the study of the False
economy as a whole which includes topics such as
unemployment, inflation, and overall production
4. The inflation rate for a given year is measured by Percentage
taking the: change in the
price level from
the previous year
5. True or false: The official unemployment rate will nev- True
er reach 0%.
6. During a recessionary period, the unemployment rises; falls
rate __________ and the total output and production
__________.
7. Which of the following is not one of the three main Taxes
areas of macroeconomics mentioned in this lesson?
Output and Production
Employment
Prices
Taxes
8. The Central Bank of the United States targets a 2%
__________ inflation rate.
, PSU Econ 104 Final Exam
Study online at https://quizlet.com/_efot7f
9. True or false: The Federal Reserve Economic Data- True
base (FRED) began in the early 1990s.
10. Which of the following can be done using the Federal All of these are
Reserve Economic Database (FRED)? correct
Download economic data into a spreadsheet format
All of these are correct
Change economic data to represent percentage
change over time
Access the source of where the economic data origi-
nated
View economic data graphically
11. An intermediate good is a good that: A good used in
production of a fi-
nal good or ser-
vice
12. Which of the folowing would be included in the United A pair of jeans pro-
States GDP in 2019? duced in the Unit-
ed States in 2019
13. The purchase of a new house would be counted un- Investment
der which component of GDP?
14. Which of the following component of GDP can be Net exports
negative?
consumption
investment
net exports
None of these can be a negative number
government purchases
15. Consumption is the __________ component of GDP largest
in the United States.
16. Which of the following is a reason why GDP is not the it does not in-
perfect measure of production? clude household
it does not include levels of pollution production
, PSU Econ 104 Final Exam
Study online at https://quizlet.com/_efot7f
it does not include health measures
it does not include household production
it does not include levels of inequality
all of these are reasons why the GDP is not a perfect
measure of production
17. Which of the following is a reason why GDP is not the all of these are
perfect measure of well-being in a society? reasons why GDP
it does not include the level of income inequality is not a perfect
it does not include the amount of leisure time people measure of eco-
have on average nomic well-being
it does not include the level of pollution in society
all of these are reasons why GDP is not a perfect
measure of economic well-being
it does not include health measures like life expectan-
cy rates
18. If prices steadily increase year over year, which of the None of these are
following must be true? correct
Real GDP will always increase year over year.
Nominal GDP will always increase year over year.
Nominal GDP is higher than real GDP in years before
the base year.
Real GDP is higher than nominal GDP in years after
the base year.
None of these are correct
19. If production and prices steadily increase year over All of these are
year, which of the following must be true? correct.
Nominal GDP is higher than real GDP in years after
the base year.
All of these are correct.
Nominal GDP will always increase year over year.
Real GDP is higher than nominal GDP in years before
the base year.
Real GDP will always increase year over year.
20. If production steadily increases year over year, which Real GDP will
of the following must be true? always increase
None of these are correct year over year.
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