Econ 104 goffe Study guides, Class notes & Summaries

Economic growth in the 2nd quarter of this year was about_____. a. 1% b. 2% c. 3% d. 4% correct answers 4% How does capital show up in GDP? a. as something owned by households b. as something owned by firms c. as something purchased by households d. as something produced by firms correct answers as something produced by firms T or F: Every time the government writes a check that expense shows up in GDP. a. True b. False correct answers False Since 1970, real GDP_____. ...

If the core CPI was increasing faster than the headline (or regular) CPI, then what is most likely happening? gas prices are rising gas prices are falling the GDP deflator is rising the GDP deflator is falling -gas prices are falling

Econ 104 Final – Goffe Study Guide (100% Guaranteed Pass) Latest Update

Firms sell goods and services to which three groups? -1. Domestic households 2. Foreign firms and households 3. The Government Capital -Manufactured goods owned by firms to produce other goods and services What four categories is income divided into? -Wages, Interest, Rent, and Profit Transfer Payments -Government payments to households such as social security and unemployment. These are not apart of GDP. Percent of GDP for C, I, G, NX -C- 69% I- 16% G- 18% NX- -3%

QUESTIONS AND ANSWERS

ECON 104 Bille Goffe Final Exam Questions Reviewed And Revised With Correct Answers 1) Which of the following compares prices in one year to prices in a base year (or period)? -real GDP and the GDP deflator -nominal GDP and real GDP -the CPI and nominal GDP -the GDP deflator and the CPI - ANSWER and the CPI the GDP deflator 2) How much did your real wage grow if your nominal wage grew by 5% and the CPI grew by 2%? -5% -2% -7% -3% - ANSWER 3% 3) Which tracks the LEAST ...

ECON 104 FINAL – GOFFE EXAM 2024 VERIFIED 100% CORRECT!!

Economic growth in the 2nd quarter of this year was about_____. a. 1% b. 2% c. 3% d. 4% -4% How does capital show up in GDP? a. as something owned by households b. as something owned by firms c. as something purchased by households d. as something produced by firms -as something produced by firms

QUESTIONS AND ANSWERS

ECON 104 Bille Goffe Final Exam Questions Reviewed And Revised With Correct Answers 1) If nominal GDP is growing more quickly than real GDP, which is most likely? A. rising prices B. falling prices C. an expansion D. a recession - ANSWER A. rising prices 2) Which two are most likely to go together? ___ inflation and ___ in the GDP deflator. A. High, small increases B. High, large increases C. Low, small decreases D. Low, large decreases - ANSWER B. High, ...