ECN 211 Midterm exam 2024/2025 with 100% correct answers
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ECN 211
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ECN 211
ECN 211 Midterm exam 2024/2025 with 100% correct
answers
Net Taxes (T) - CORRECT ANSWER Government tax revenuegovernment transfer payments
T=total tax revenue- transfers
Disposable Income - CORRECT ANSWER the income households have
left after net taxes are taken away. Either spend or saved....
ECN 211 Midterm exam 2024/2025 with 100% correct
answers
Net Taxes (T) - CORRECT ANSWER Government tax revenue-
government transfer payments
T=total tax revenue- transfers
Disposable Income - CORRECT ANSWER the income households have
left after net taxes are taken away. Either spend or saved. total
income minus net taxes
Disposable Income=GDP-T
Total Income - CORRECT ANSWER Total output or GDP
Household Savings (S) - CORRECT ANSWER the portion of after-tax
income that households do not spend on consumption (C)
S= Disposable income- C
Trade deficit - CORRECT ANSWER when a country's exports are less
than its imports
its currency held by foreigners further increases the supply of loanable
funds
Trade Deficit= IM(imports)-X (exports)
Planned Investment Spending (IP) - CORRECT ANSWER Business
purchases of plant and equipment
over a period of time is equal to the amount available in the loanable
funds market after the government has borrowed from or added
savings to it AND after accounting for any funds provided or borrowed
by foreigners
Ip=S- (G-T)+(IM-X)
Ip=I (total investment) - change in investment
In the classical model, a decrease in net taxes has what effect? -
CORRECT ANSWER has no effect on the total output
,Total Spending - CORRECT ANSWER In an open economy, is the sum of
purchases made by the household sector (C), the business sector (Ip),
the government sector (G) and the difference between exports (X) and
imports (IM)
Total spending=C+Ip+G+(X-M)
Total Spending= Total Output IF Leakages=Injections
Injections into Total Spending - CORRECT ANSWER spending on
country's output from sources other than its households.
Exports, Planned Investment, Gov. purchases
Injections= G+ Ip
Leakages out of Total Spending - CORRECT ANSWER income earned by
households that they do NOT spend on country's output in a given
year.
Imports, Net Taxes, Household Savings
Leakages= T+S
According to the rule of 70, approx. how many years will it take for the
economy to double in size? - CORRECT ANSWER 35 years
Growth Equation - CORRECT ANSWER *%change Real GDP per capita=
%change productivity+ %change EPR + %change Average Hours
*%change EPR= %change Real GDP per capita-%change productivity-
%change Avg Hours
All else held equal, an increase in the EPR ______ real GDP per capita -
CORRECT ANSWER does not decrease
Can continually increasing the EPR achieve sustained economic
growth? - CORRECT ANSWER No
Can increases in capital stock alone create permanently high rates of
economic growth? - CORRECT ANSWER No
market failure - CORRECT ANSWER a situation in which a market left
on its own fails to allocate resources efficiently
, economics - CORRECT ANSWER the study of how society manages its
scarce resources
incentive - CORRECT ANSWER something that induces a person to act
productivity - CORRECT ANSWER the quantity of goods and services
produce from each unit of labor input
opportunity cost - CORRECT ANSWER whatever must be given up to
obtain some item
externality - CORRECT ANSWER the impact of one person's actions on
the well-being of a bystander
Rational People - CORRECT ANSWER those who systematically and
purposefully do the best they can to achieve their objectives
Scarcity - CORRECT ANSWER the limited nature of society's resources
market economy - CORRECT ANSWER an economy that allocates
resources through the decentralized decisions of many firms and
households as they interact in markets for goods and services
business cycle - CORRECT ANSWER fluctuations in economic activity,
such as employment and production
marginal change - CORRECT ANSWER a small incremental adjustment
to a plan of action
efficiency - CORRECT ANSWER the property of society getting the most
it can from its scarce resources
The study of how households and firms make choices, how they
interact in markets, and how the government attempts to influence
their choices. - CORRECT ANSWER Microeconomics
The study of the economy as a whole, including topics such as
inflation, unemployment, and economic growth. - CORRECT ANSWER
Macroeconomics
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